Alternative Bridging Corporation secures additional funding line to fuel further growth

The lender said the funding line would “release existing facilities” and help it grow its development finance loan book as well as its bridging loan programmes for residential and commercial properties.

Several other bridging lenders have secured funding in recent weeks, including MS Lending Group, Market Financial Solutions, Mint Property Finance and Spring Finance.

Other lenders have also entered the market, an example of which is StreamBank, and those in the bridging market expect more entrants.

Stephen Meller, ABC’s director, said the lender had been supporting small and medium-sized developers since it was founded and regulated developments more recently.

“Until now these loans have been funded from within our general pool of capital. This new line is our first which is solely dedicated to providing development loans and demonstrates our continued commitment to this sector where for more than 30 years we have financed projects across the UK from one to 60 units,” he added.

Meller continued that increasing the funding agreements with existing institutional lenders was “particularly pleasing and is testament to the quality of assets that we consistently deliver”.

“Not only will this dedicated line enable us to grow our development loan book but facilitate the continued expansion of our alternative overdraft and term loan business as well as our residential and commercial bridging loans.”

Meller said that it had a best in-class asset management team and a highly experienced team of underwriters, which was continuing to be strengthened to meet increased demand and provide first-class service to brokers and borrowers.