Bridging
Alternative Bridging Corporation launches 90 per cent LTC product
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.”
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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.”