ABC announced today completion of its largest loan to date, a £15M commercial development finance facility to fund the development of Brockhurst Gate Retail Park.
ABC first supported commercial developer Millngate with a land loan for its Brockhurst Gate, Gosport, Hants retail park during the planning process and then with a further facility when detailed planning permission was granted. Now that Millngate are proceeding with the development, the facility has been increased to £15M to fund 100% of the cost of the building contract, fees and interest.
Millngate’s project comprises 76,866 square feet of big box space for major retailers including a
Marks & Spencer Food Hall, Lidl, Iceland, Home Bargains and Costa and McDonalds drive-throughs. Construction has commenced and the project is scheduled to complete by late 2018.
Jonathan Rubins, director of ABC said
“This is not the the first of our Big-Ticket loans and there are more in the pipeline but it is the largest to date and has been an absolute labour of love. We were there at the beginning, middle and end of the financing arrangement and Millngate’s professionalism throughout has been truly inspirational. Now we look forward to seeing the park trading.”
After the loan completed late on Friday afternoon, Millngate’s director, Anthony Sweeney commented;
“Also, our largest project to date and much praise to Alternative Bridging for progressing this loan through from pre- planning to now, to enable us to see the Brockhurst Gate project through to completion and the generation of in excess of 300 jobs. Much thanks to you and your team and Stephen and Hannah in particular for all your help on this one”.
ABC is a principle short-term lender providing bridging and development loans from £50,000 upwards for the property industry and business community. It also has a regulated arm servicing the needs of home-owners. ABC operates across England, Scotland and Wales with local representation in London and the Home Counties, The South, Midlands and North, with a regional Midlands and North office.
Alternative Bridging Corporation comprising Alternative Bridging Corporation Limited (Registered No.7194858) and Alternative Bridging Corporation (Cheval) Limited (Registered No. 4219776), Property Finance Capital Limited (Registered No. 7320958), Jaeger Alternative Finance Corporation Limited (Registered No.8454442). Are all registered in England at First Floor, HealthAid House, 1 Marlborough Hill, Harrow, Middx, HA1 1UD. Alternative Bridging Corporation (Cheval) Limited is authorised and regulated by the Financial Conduct Authority. FRN: 300608.
For further detail or comment contact:
Jonathan Rubins | Director
Alternative Bridging Corporation Limited
T: 020 8349 5190
D: 0208 349 5194
M: 07802 154585
www.alternativebridging.co.uk
2 Imperial Place, Maxwell Road, Borehamwood, Hertfordshire, WD6 1JN
Copthall House, King Street, Newcastle-under-Lyme, ST5 1EL
Brian Rubins | Executive Chairman
Alternative Bridging Corporation Limited
T: 020 8349 5190
D: 020 8349 5192
M: 07785 243138
www.alternativebridging.co.uk
2 Imperial Place, Maxwell Road, Borehamwood, Hertfordshire, WD6 1JN
Copthall House, King Street, Newcastle-under-Lyme, ST5 1EL