Specialist property lender Alternative Bridging Corporation has secured a £150m funding package comprising a new institutional mezzanine facility from a global asset manager and an extension of its existing warehouse facility with Barclays Bank PLC.
The combined funding will support the continued growth of the lender’s residential bridging business over the coming years.
The London-based firm, which has over 30 years’ experience providing bespoke finance across bridging, development, term loans and buy-to-let, worked with Interpath Advisory and legal advisors at TLT to structure the deal.
Stephen Meller, director and chief financial officer at Alternative Bridging Corporation, said: “We are delighted to have successfully completed this deal with the support of Barclays Bank PLC, and our other funding partners, and the team at Interpath. This new funding line marks an important milestone for Alternative Bridging Corporation as we continue to expand our residential bridging loan book. The facility provides a strong foundation for future growth and enhances our ability to meet the needs of our clients.”
Interpath’s Financial Services Debt Advisory team advised on the transaction, led by Jack Dutton and Olivia Dunning.
Olivia Dunning said: “This successful close is a testament to Alternative Bridging Corporation’s strong market position and their ability to diversify funding sources within the residential bridging sector. We are proud to have played a role in structuring a solution that will support Alternative Bridging’s next phase of growth and further strengthen its ability to serve the UK property market.”
TLT acted as legal counsel to Alternative Bridging Corporation.
