Alternative Bridging Corporation has completed a £1,267,000 overdraft facility to support the expansion of a tattoo parlour business in the West Midlands.
The funding, introduced by Synergy Commercial Finance, was secured as a second charge against the client’s main residence, valued at £1.95m.
The facility was provided at 65% LTV and completed within six weeks of the initial enquiry. Unlike typical uses of the Alternative Overdraft for property-related projects, the funds will be used to acquire new premises and support the business’s growth plans.
James Bloom, director at Alternative Bridging Corporation, said: “We have a long and successful relationship with the Synergy network and always enjoy working with them.
“We worked very closely with Mark Fox and his team on this case and were in daily contact to get a quick resolution.
“The case demonstrated how our flexible overdraft facility can also be used for areas outside of traditional property purposes.
“Our Alternative Overdraft can be used for anyone needing quick access to business capital. It provides a facility that can be drawn down when required, paid off when the funds are available, and drawn down again without incurring expensive set up charges and delays.
“We were pleased to support this growing business and look forward to continuing our excellent relationship with Synergy.”
Mark Fox, business development manager at Synergy Commercial Finance, said: “When the client approached me for a hunting pot facility, I thought Alternative Bridging had the perfect solution.
“The process was seamless and straightforward from the initial Zoom call to terms being agreed and funds being drawn.
“The client was really pleased with the process through the solicitors and also the speed to which the deal was completed.
“The client is already looking for his second drawdown and is keen to make full use of the flexibility of the facility to help his business grow.”
