Bridging feature: When Time Matters

Thursday 28th January 2010

By Jonathan Rubins, Managing Director of Alternative Bridging Corporation Limited (ABC)

When time matters…and it often does: Auction purchases, urgent refinance, working capital are only a few of the many reasons it is necessary to organise your finance without delay. Short term finance can provide remedies when other strategies have failed or where, for a myriad of reasons, time really matters.

Benefiting from a short chain of command, our short term lending facilities at ABC enable professionals in the property industry to close loans in a timely fashion for both purchases or to refinance existing loans.

We provide loans for periods from 2 to 12 months and sometimes longer by arrangement, with interest charged on balance outstanding at rates from 9% per annum.

Recent bridging loans we have completed include refinancing a small portfolio of newly built flats until they were let and long term arrangements could be made, a pre-let but unfinished retail investment until works had been completed and a restaurant premises purchased freehold and vacant by an owner-occupier pending finalisation of a business development.

ABC lends up to 65% of valuation against commercial and residential investment properties, hotels etc. We don’t lend secured on agricultural or remote properties or those with limited alternative use, and we usually require a first mortgage and for limited companies, a corporate or personal guarantee.

Our lawyers and valuers are carefully chosen so that we may be confident that they will co-operate with those acting for our borrowers in a timely and cost-efficient way. It is not a question of cutting corners but effective time management to ensure that unnecessary delays do not occur and whenever necessary, problems are resolved in an understanding and businesslike manner.

Our close relationships with clearing banks and other lenders enable us to organise a refinance at a later date, if required. We see ourselves as a cost efficient, alternative lender able to avoid difficulties or solve problems caused by others.