New chain-breaking tool for new build developments

Alternative Bridging Corporation has launched PartX Property Finance, a pre-approved part exchange facility to speed up sales and fix chain breaks on new home developments.

The product can be offered by estate agents and SME developers as a means to speed up a sales process in danger of collapse.

The facility provides developers with the finance they need to complete a part exchange and can also provide extra funds for light refurbishment.

DUE DILIGENCE

The terms of PartX Property Finance are agreed at outset, with all due diligence completed in advance, meaning the loan can be completed using a short form of valuation, title insurance and a standard legal charge.

Jonathan Rubins (main picture), Director at Alternative Bridging Corporation, says: “When we heard the Chancellor’s Autumn Statement, it was obvious that the state of the UK economy, and particularly the increased cost of home loans, would cause house sales to slow down and transaction times to extend. There had to be a simple answer to this problem, and we believe PartX is the solution.”

WIN-WIN

“This type of part exchange property finance is good for developers, enabling them to complete a sale swiftly at full value and it’s also a win-win situation for the owners of the part exchange property, who are able to sell their property and complete the purchase of their dream home without waiting to find a buyer. It takes the hassle out of moving home.”

Michael Cartwright, Bridging and Development Specialist at Buildloan, adds: “As we know, quick availability of funds and cash flow has always been key and will be even more valuable this year.

“This product will help in many situations to fit the needs of our clients, whether that is to stop a transaction falling apart due to its chain or help them secure their next development.”