Alternative Bridging Corporation has secured a new dedicated residential development funding line from its bankers.

The new funding line will release existing facilities and help the property lender to continue to grow its development finance loan book, while expanding its bridging loan programmes for residential and commercial properties, including regulated loans.

Stephen Meller (pictured), director of Alternative Bridging Corporation, commented: “We have been supporting the needs of small and medium sized developers since our very beginning, as well as regulated development loans 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.

“Increasing the funding agreements with our existing institutional lenders, with whom we have had a long relationship, is 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.

“We have a best-in-class asset management team, with over 100 years’ experience in supporting developers, together with a highly experienced team of underwriters who not only understand the group’s credit requirements but the needs of our brokers and our borrowers from the property industry and business community.

“These teams continue to be strengthened to meet increasing demand and together with our knowledgeable BDMs, enable us to provide a first-class service to all our brokers and borrowers.”