The new capital will release existing facilities and help the property lender to continue growing its development finance loan book.

It will also enable the firm to expand its bridging loan programmes for residential and commercial properties, including regulated loans.

Stephen Meller, director at Alternative Bridging Corporation (pictured above), commented: “We have been supporting the needs of SME developers since our very beginning, and started providing regulated development loans more recently — which, until now, have been funded within our general pool of capital.

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“This new line is our first which is solely dedicated to providing development loans and demonstrates our continued commitment to this sector where for more than 30 years we have financed projects across the UK from 1 to 60 units.”
 
“Increasing the funding agreements with our existing institutional lenders, with whom we have had a long relationship, is particularly pleasing and is testament to the quality of assets that we consistently deliver. 

“Not only will this dedicated line enable us to grow our development loan book, but facilitate the continued expansion of our Alternative overdraft and term loan business, as well as our residential and commercial bridging loans.“