Allica Bank completes £5.85m bridging facility and celebrates record month for bridging finance
Allica Bank has completed a £5.85m bridging facility to support the acquisition of a prime London asset, underlining a benchmark month for the bank’s bridging team.
The facility, introduced by Arc & Co, was secured against an office building in Marylebone with planning consent for six luxury apartments. The borrower, who met Allica at MIPIM, required an urgent completion within 18 days after being let down last minute by another lender. Allica delivered the six-month term within the timeframe.
This transaction reflects Allica’s commitment to providing fast, flexible lending solutions for established businesses and their brokers. Together, Arc & Co and Allica have proven how a strong broker-bank relationship can support smooth execution. “In these difficult, uncertain economic times, it was great to deal with a funder who did exactly what they said they would do.” said the borrower.
In addition to this milestone, Allica’s bridging finance proposition experienced a record-breaking April, as the team reached all-time highs in terms of lending and new introductions. The team also saw a spike in new business enquiries and completions. A significant number of bridging clients also transitioned to Allica Bank’s commercial mortgage product, highlighting the strength of the bank’s end-to-end offering.
Steve Palfreeman, business development director – Bridging at Allica Bank, said: “This deal is short term bridging finance at its best. Getting this executed in such a tight timeframe required a real team effort from all parts of the bank, in particular, Jade Lidiard who was the underwriter on this case.”
“April being a record month for the team is testament to their determination, commitment to service and the growing market for flexible, relationship driven commercial lending in this space. There is huge appetite for lending at Allica Bank, especially in circumstances such as this where a strong sponsor found themselves let down at the last minute. In these instances, we are able to move incredibly quickly and make a deal happen thanks to our expert team. This is an incredible project and I look forward to seeing how it progresses now that it is on firmer financial footing.”
Cameron Hayes, broker at Arc & Co, added: “It’s great to get this one funded with Allica. Arc & Co were keen to rely on a party that can deliver, and as execution is key in the current market, we’re pleased to get another deal across the line with Steve, Jade and the team.”
This landmark deal and strong monthly performance come just months after Allica’s bridging product was relaunched, following the strategic acquisition of Tuscan in 2024. The bank’s refreshed proposition is focused on providing brokers and borrowers with speed, flexibility and the certainty they need in today’s market.