The bridging lender has lowered the interest rate on the overdraft facility and will make funds available to borrowers within 24 hours.

The overdraft can be set up using a first or second charge over a residential or commercial property.

Loan terms are from 12 to 24 months with a minimum loan size of £250,000 and a maximum loan to value of 65%.

Interest charges started from 0.85% per month.

The overdraft service is supported by a dedicated underwriting team and new technology.

Jonathan Rubins, director at Alternative Bridging Corporation, said: “The Alternative Overdraft is the ideal loan arrangement for the property industry and business community as interest is only charged when funds are used but it provides the peace of mind of being able to quickly access liquidity when it is needed, without additional charges or delay.

“It’s particularly useful in a competitive environment, providing investors, developers and entrepreneurs fast and efficient access to capital.”