Buckinghamshire ALTERNATIVE Overdraft
Published by Alternative Bridging Corporation -
- Location - Buckinghamshire
- Loan Type - ALTERNATIVE Overdraft
- Value - £2,000,000
A developer client had assembled a series of adjoining residential development sites with the first under construction, the second with outline planning permission granted and a third shortly to be acquired.
At a time when clearing banks are restricting their support, the developer required working capital to invest in the second and third sites, ensuring they were development ready, providing continuity on completion of the first project.
Not all of the funds were needed immediately so an ALTERNATIVE Overdraft secured by the second site perfectly satisfied the requirement with an initial loan and further drawdowns, as and when required.
Being able to repay and redraw time and time again provided the flexibility needed by the borrower, similar to that provided by a clearing bank facility with interest only charged on the balance outstanding from time to time.