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Alternative Bridging partners with Nivo and launches refurb products

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  • 15/07/2021
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Alternative Bridging partners with Nivo and launches refurb products
Specialist bridging lender Alternative Bridging Corporation (ABC) has partnered with fintech specialist Nivo to offer an app to quicken their application process, and consequently hasten its deal completion team.

 

The app asks borrowers for biometric ID verification and allows them to upload documents. The instant messaging function also enables borrowers to share documents quickly and easily.

One Alternative Bridging customer was able to verify their identity and upload documentation within seven minutes.

ABC’s director Allan Kay said: “Speed of application and execution is a key factor in bridging finance, so it is important that we make the customer journey as quick and smooth as possible. Nivo’s solution provides a slick mobile experience which benefits brokers, borrowers and our staff.”

Nivo’s head of business development Polly Taylor-Pullen added: “The Nivo app is a cost-effective solution to the limitations of post and email providing a secure and seamless mobile journey which can be implemented within days.

“In a market such as bridging, where speed is so important, it’s great to see Alternative Bridging already benefitting from their customers downloading and using the app to communicate and transfer documents and I’m sure they will build on this success by staying at the forefront of the switch to digital processing.”

 

Refurbishment loan launch

ABC has also launched a range of refurbishment loans that allows further drawdowns and cuts rates on practical completion of the works.

The refurbishment loans are available for borrowing requirements between £350,000 and £3m. They can be taken out on as a regulated and non-regulated loan and can be secured on either first or second charge basis against a residential property or first charge on commercial property.

Products include a first charge light refurbishment product, which has an initial rate of 0.75 per cent per month which then goes down to 0.65 per cent per month on practical completion. It has an initial loan value of 60 per cent and maximum loan to gross development value of 70 per cent.

Its second charge light refurbishment product has a rate of 0.85 per cent per month, which falls to 0.75 per cent on practical completion. It has an initial loan value of 60 per cent and maximum loan to gross development value of 65 per cent.

On the first charge heavy refurbishment front, the product has a rate of 0.85 per cent per month, which then falls to 0.65 per cent on practical completion. This has an initial loan value of 60 per cent and maximum loan to gross development value of 65 per cent.

ABC’s commercial refurbishment product has a rate of 0.85 per cent per month and 0.75 per cent per month on practical completion. It has an initial loan value of 60 per cent and maximum loan to gross development value of 65 per cent.

The range is available for light and heavy refurbishment on residential and commercial property, with initial advances for purchase or refinance. It also permits further drawdowns to fund improvements and there is also the option to extend or convert a non-regulated loan to a three or five-year interest-only loan.

ABC’s director Jonathan Rubins (pictured) said: “Our new range of refurbishment loans provide investors and owner occupiers with a comprehensive set of funding options that have been specifically developed to finance the different stages of a refurbishment project across both residential and commercial property.

“As experienced property lenders, we understand that there can often be unexpected additional costs that arise during a renovation and so, as works are completed, we are able to advance additional funds.

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