Development Finance despite Adverse Credit / Defaults!

2nd Charge Flexible Finance / Overdraft facility for fast Auction Purchases & Commercial Interests! Pleased to have arranged a 2nd charge Flexible Overdraft Facility for a client seeking to take advantage of upcoming below market value opportunities at property auctions, but also have a "just in case" emergency facility to assist various businesses in their portfolio. The secured facility against the clients main residence, which can be drawn, repaid & re-drawn multiple times over 2 yrs, is a great product with a low non utilisation rate. The case was complex for unusual reasons with issues surrounding the surveyors opinion of the property's Insurance Reinstatement cost. In a nutshell, the surveyor had way over-estimated that a 3 floor 5,500 sq ft property required an Insurance Reinstatement cost of £1.3m, 78% above BCIS benchmarks! We all know inflation has been rampant the last 12+ months & has affected the increasing cost of materials / labour, but 78% was beyond belief! So much so, the existing insurer refused to amend their max £1m cover because £1.3m was deemed "over-insuring" according to their data models. Seeking other insurers was also problematic as the property had 7 bathrooms taking it outside criteria. With time of the essence & the clock ticking, Phodis Maratheftis , Mihaela Janko & the team at Alternative Bridging Corporation dug deep to help quickly resolve the matter & complete just in time for most of the latest monthly auctions which the borrower wanted to bid on. Considering the current economic backdrop, it was great to get this over the line. Special thanks also to Alicia Pattihis at Axiom DWFM solicitors for her expert assistance & advice, offering pragmatic solutions to complex case matters / issues throughout the clients journey. I cannot recommend all those involved in this transaction highly enough! As always, if I can assist any of you in financing your projects or with any property finance needs, then please feel free to get in touch.

2nd charge facility including a regulated bridge split across multiple borrowers & properties with licensing requirements. Done! Massively relieved to help a developer client refinance 4 of their 2nd charge facilities last week. The case was complex as the facility was secured across 4 properties, 3 borrowers and their current 2nd charge lender made life difficult by slapping on a huge 13% fee at the last minute for going slightly past the end of term despite knowing the case was in legals and the refi was taking place! Add to that 1 of the properties needed to renew its selective licence and another needed a HMO licence as the landlord was unaware his tenant was in fact doing rent 2 rent! Have to say, Phodis Maratheftis , Thandeka Faith Ndebele and the team at Alternative Bridging Corporation worked as fast they could to complete as quickly as possible to overcome all these hurdles, whilst lowering the interest rate at the same time! Massive 👏🏽 indeed! As always, if I can assist any folks in my network and beyond to provide funding solutions, I'm always happy to help.