Alternative Bridging completes refurb loan in 4 days

Alternative Bridging Corporation has completed a refurbishment bridging loan within four days of receiving the initial application.

The £250,000 loan was secured on a property in North London valued at £420,000 to finance the refurbishment of a shop and two flats above. The funds were required quickly to pay the builders to complete works to the upper parts of the building and all information to support the legal work and valuation were provided upfront.

Jonathan Rubins, Director at Alternative Bridging Corporation, says: “There is a lot of talk at the moment about the average completion time for bridging finance creeping upwards, but it’s important to remember that if you partner with the right lender and have your ducks in a row, bridging can still be arranged in a handful of days.

“This case is a great example of just that. The borrower had actually been introduced to us by an existing customer of Alternative Bridging who had recommended us for our speed of service. We needed to move quickly to deliver the funds within a tight timeframe and we were supported in this by the fact that the borrower had already instructed their lawyers to provide a complete pack and the valuer was provided with all the necessary information upfront.

“The result of good preparation and working with Alternative Bridging was that the customer was able to access the funding required to complete the refurbishment work in just four days. We are always happy to work with brokers and customers on cases like this. And we will always go the extra mile to deliver the improbable.”

Published: 25 November 2020