Alternative Bridging Corporation has acquired Cheval Commercial Finance.

With the acquisition Alternative Bridging is broadening its product range to include first mortgages on owner-occupied private dwellings.

Cheval, which is regulated by the Financial Conduct Authority (FCA), offers first and second charge bridging loans to owner-occupiers.

It has transferred to Alternative Bridging’s London offices under the direction of Allan Kay who has managed Cheval and its sister company for the past 16 years.

Cheval will change its name to Alternative Bridging Corporation (Cheval) Limited and sit alongside Alternative Bridging’s commercial lending activity.

Alternative Bridging added that Cheval’s policy will be to co-operate closely with the broking community in order to offer “keenly priced terms combined with flexible underwriting and strong service levels as well as larger, regulated short-term loans which the high street lenders are reluctant to make.”