Albatross completes £746,481 Leicester mixed-use refinance
Albatross Lending Group has completed a £746,481 bridging refinance on a mixed-use Leicester property where outstanding building regulations sign-off had prevented the borrower from moving onto longer-term finance.
Albatross Lending Group has provided a £746,481 gross bridging facility to refinance an existing loan secured against a mixed-use conversion in Leicester.
The borrower had been unable to secure longer-term finance because building regulations sign-off remained outstanding, with elements of the issue involving works outside the borrower’s control and the relevant local authority.
With the existing bridge approaching maturity, Albatross structured a 12-month facility to give the borrower time to complete the required works, obtain sign-off and refinance onto longer-term commercial finance.
The facility was written at 63% LTV against a market valuation of £1.18m, with security comprising commercial units and flats within the completed Leicester conversion.
Albatross worked with the borrower and its quantity surveyor to assess the outstanding works, establish an appropriate contingency and structure the funding around the identified risk.
The lender said the transaction reflected its approach to assessing complex cases on their individual merits rather than requiring every element of a deal to be fully resolved before funding.
The exit strategy is a refinance onto commercial term debt once the building regulations position has been resolved.
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