Short-term lender Alternative Bridging has recently opened a Midlands office, further expanding its business in the region.
With its existing broker network and growing consumer demand, Alternative has opened an office in Newcastle-under-Lyme, equidistant for its Birmingham and Liverpool business development managers.
The office will provide a base for the firm to meet brokers and borrowers and will house a local case management support team.
Having operated in the short-term lending space for the past 25 years – typically lending between £250,000 and £5 million with an ability to lend up to £10 million – Alternative aims to double and then redouble its loan book over the next two and four years.
Alternative Bridging’s head office team (based in Borehamwood, Hertfordshire) administers the business and services its UK loan portfolio and has established itself in London and the South East as a trusted and reliable lender. Consideration is being given to similar local offices for the South West and East Anglia regions.
The firm lends from three to 24 months to the property industry and business community as well as homeowners. Facilities include residential and commercial bridging loans and development finance.
“I strongly believe the Midlands region will outperform initial expectations,” said Jonathan Rubins, director of Alternative Bridging. “The region is full of opportunity and we are giving it every support possible to expand Alternative’s reach.”
Alternative already has a Midlands portfolio of loans and a roster of valued local introducers. Loans in the region include:
Edgbaston £1.275 million – Residential
Leicester £1.5 million – Portfolio
Loughborough £235,000 – Residential
Telford £3 million – Residential development
Shropshire £800,000 – Residential conversion
Tamworth £1.75 million – Residential development
Northampton £4 million – Student housing development
Nottingham £250,000 – Residential