Alternative Bridging Corporation has released a stretched senior loan for medium sized residential developments at 90 per cent loan to cost (LTC) and 75 per cent gross development value (LTGDV).
The product, called Development 90, will be available for new-build schemes, conversions and refurbishments for loan sizes between £500,000 and £3m.
Terms range from six to 24 months and the interest rate is one per cent.
James Bloom (pictured), director at Alternative Bridging Corporation, said: “Development 90 provides secure funding for developers seeking to expand their activities and avoids expensive joint venture structures or reliance on sales from other schemes to finance their equity.
“It is the ideal solution for developers seeking to add an extra project to their portfolio or undertake larger schemes.”
Bloom added: “We want to build ongoing relationships and so we do not hide behind phrases like ‘interest from’ and ‘LTV up to’. Our terms are simple and straightforward – 90 per cent of cost, one per cent per month, with arrangement and exit fees quoted at outset on a case-by-case basis. There are no last-minute changes.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS