Alternative Bridging Corporation, or ABC, is a UK-based lender founded in 1992, specialising in short-term bridging finance.
ABC has a simple application process, quick completion time, as well as excellent customer service.
In this review, I will take a closer look at ABC, detailing their loan’s key features, eligibility criteria, application process, rates and reviews to help you decide whether it is the right lender for your needs. I will particularly focus on their bridging loan products.
Alternative Bridging Corporation: Bridging Loans Overview
ABC offers a range of unregulated bridging loans from £200,000 to £3,500,000 for residential and commercial needs.
These short-term financing options can be used to quickly secure property purchases, fund refurbishments, raise capital, or refinance existing loans.
Key Features Include
- Bridging loans from £200,000 up to £3,500,000, with up to 70% LTV available
- Rates start from 1.05% per month for terms up to 24 months
- 1st and 2nd charge available
- No proof of income is required
- Most property types are accepted as securities
- Quick access to funds with the entire loan available upfront
- No upfront fee
ABC has a great reputation. Their whole process is quick and easy, and very few customers seem to complain about the quality of service or the completion speed.
What are the Eligibility Criteria for an Alternative Bridging Corporation Loan?
Borrower’s Requirements
| Criteria | Value |
|---|---|
| Accepted Borrowers | Individuals, partnerships, LTDs, LLPs, Offshore companies |
| Min. Age | 18 |
| Max. Age | ❎ |
| Location | England, Scotland & Wales |
| Adverse Credit Considered | ✅ |
Loan Requirements
| Criteria | Value |
|---|---|
| Min. Amount | £200.000 |
| Max. Amount | £3,500,000 |
| Loan Term | 3 – 24 Months |
| Max. LTV | 70% |
| Excluded Residential Properties | Non-conforming, remote or unusual properties, ex-local authority flats, dilapidated properties |
| Excluded Commercial Properties | Cinemas, trading filling stations, garages, public houses, bars & night clubs, farms, stables, kennels, dilapidated properties |
Application Process for Alternative Bridging Corporation
Applying for a bridging loan with ABC is pretty standard. It starts with filling out their quick enquiry form.
Once you’ve submitted your enquiry, ABC’s team will get in touch to discuss the next steps with you.
ABC then instructs valuers and solicitors to start work and issues a Formal Mortgage Offer (FMO), leading to completion and funds release.
The front-end process is quick and straightforward, with minimal information needed upfront. More due diligence comes before the formal approval.
Alternative Bridging Corporation Rates
Here are the ABC bridging loan rates for 2023.
1st Charge Rates
| Loan Type | Rates From | Max. LTV | Amount | Term | Apply |
|---|---|---|---|---|---|
| ⚖️ Regulated Bridging | 1.15% | 70% | £250K – £2M | 3 – 12 Months | More Info |
| Residential Bridging | 1.05% | 70% | £200K – £2M | 3 – 24 Months | More Info |
| Commercial Bridging | 1.15% | 65% | £200K – £3.5M | 3 – 24 Months | More Info |
| Light Refurbishment | 1.05% | 70% | £250K – £3.5M | 3 – 24 Months | More Info |
2nd Charge Rates
| Loan Type | Rates From | Max. LTV | Amount | Term |
|---|---|---|---|---|
| ⚖️ Regulated Bridging | 1.20% | 65% | £250K – £2M | 3 – 12 Months |
| Residential Bridging | 1.10% | 65% | £200K – £2M | 3 – 24 Months |
| Commercial Bridging | ❌ | ❌ | ❌ | ❌ |
| Light Refurbishment | ❌ | ❌ | ❌ | ❌ |
Alternative Bridging Corporation Reviews & Ratings
Overall, ABC receives very positive reviews, earning a ‘Great’ TrustScore of 3.8 out of 5 on Trustpilot and 4.8 on Google Reviews out of more than 50 reviews.
The majority of reviews rate ABC 5 stars. Customers praise the quick application process and completion time, as well as the staff’s helpfulness.
The negative reviews mainly relate to issues with payments and the unclarity of certain terms and fees. However, negative reviews seem limited compared to the overwhelming positive feedback.
In summary, Reviews indicate high customer satisfaction with ABC’s lending services, owing to fast processing, and helpful staff. While a minority of customers have faced challenges, my overall sentiment toward ABC is very favourable.
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Alternative Bridging FAQs
Who is eligible for bridging loans from Alternative Bridging Corporation?
The eligibility criteria for these bridging loans are quite inclusive. Individuals, partnerships, Limited Companies (LTDs), Limited Liability Partnerships (LLPs), and Offshore companies are among the accepted borrowers. The minimum age for applicants is 18.
What is the application process for bridging loans at Alternative Bridging Corporation?
Applying for a bridging loan with Alternative Bridging Corporation is a straightforward procedure. It kicks off with filling out a quick enquiry form on their website. Post submission, their team gets in touch to discuss the subsequent steps. Following this, valuers and solicitors are instructed to initiate work, and a Formal Mortgage Offer (FMO) is issued, leading to the completion and release of funds. The initial process requires minimal information, although a more thorough due diligence is conducted before formal approval.
Has Alternative Bridging Corporation made any recent changes to its loan rates?
Yes, Alternative Bridging Corporation has announced a reduction in the rates of its loan facility, Alternative Overdraft, by 0.10% which could potentially translate to lower costs for borrowers.
What are some other financial products offered by Alternative Bridging Corporation?
Besides bridging loans, Alternative Bridging Corporation extends its financial offerings to include term loans, development finance, and an innovative Alternative Overdraft facility. This particular facility allows customers the flexibility to draw down funds as and when they need them.