Alternative Bridging Corporation has reintroduced its Alternative Overdraft product.

The Alternative Overdraft provides a flexible loan facility which delivers funds on 24 hours’ notice, and allows borrowers to draw, repay or reduce funds when needed.

It avoids expensive setting up charges each time a loan is required and can be secured by a first or second charge over residential or commercial property.

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

The pricing has been reduced with interest rates starting at 0.85 per cent per month.

The lender says that its overdraft product has a dedicated underwriting team plus new technology and processes to ensure quicker completions.

Alternative Bridging Corporation director Jonathan Rubins says: “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. [It] is a product that every intermediary should have in their toolbox, which is why we have revamped and relaunched it.”