Alternative Bridging cuts rates on Alternative Overdraft
Alternative Bridging Corporation has cut the rates on its innovative Alternative Overdraft drawdown product by 0.10%.
The Alternative Overdraft provides a flexible loan facility which delivers funds on 24 hours’ notice, and allows borrowers the opportunity to draw, repay or reduce funds to match their needs.
It’s available for two years and provides multiple drawdowns on demand, which can be repaid or redrawn over and over again. Interest is only charged on the outstanding balance and can be serviced.
This approach avoids expensive, repetitive setting-up costs and is the perfect facility to use for site acquisitions, property auction purchases or to fund work-in-progress. Loans are from £250k to £2m and the facility enables under-utilised assets to be used to finance new investment.
The Alternative Overdraft has already proven to be popular with brokers and their clients, attracting a number of 5-star reviews, with comments including “superb service”, “I cannot recommend them enough” and “very unique in the market and well structured.”
Jonathan Rubins, director at Alternative Bridging Corporation, says: “The Alternative Overdraft is the ideal loan arrangement for the property industry and business community, enabling the peace of mind of being able to quickly access liquidity when it is needed, without additional charges or delay. At the same time, interest is only charged when funds are used.”
“We think it is best secured by first charge on under-utilised property assets or by first charge over commercial or residential and second charge over residential properties, but however it’s used, we know that the Alternative Overdraft can be a valuable tool in any investor’s toolkit.”
