Recently crowned Product of the Year at the B&C awards 2023, our 48 Hour Rescue Bridge was created in October 2022 following the volatility created by government. We noticed a huge increase in enquiries where borrower’s were having funds pulled on or before the day of drawdown, leaving them potentially in an incredibly vulnerable and costly position. Our product solved the issue – providing satisfactory legals and valuations, we will step in and complete your transaction within 48 hours, allowing the customer to complete their transaction on time; in the event the loan is to repay a debt, or complete an auction purchase, time can be incredibly important.
Lewis was driving out to Surrey on a Wednesday afternoon in the summer to play an evening golf match when the phone rings from an introducer with a client requiring £1.1m by Friday morning to pay a creditor. The customer was offering up a derelict residential asset on a private estate in Surrey that they’d recently bought cash and planned on demolishing and developing. Lewis swung by the asset en-route to golf and met the customer on site, issuing terms and instructing legals at the scene. Through some exceptional legal work, and many commercial decisions and condition subsequents agreed in order to meet the time frame, the borrower drew down on funds within the time frames. 6 weeks later we were redeemed via a larger Investec facility.
As a sole trading developer, my main focus is put my energy in to carrying out exceptional schemes. Over the years, I have kissed many frogs when it comes to borrowing money; you either get a lender too wrapped up in red tape to be able to provide the speed and flexibility that I need, or a lender who doesn’t fully understand the inevitable ups and downs of property development in order to get to the finished masterpiece.
Albatross have been like a trusted business partner to me for several years now and they play a large part in the success I have had commercial. Cannot recommend enough.
Like many, I found myself up against it, financially, during the covid 19 period. I was faced with a business debt that required immediate payment, but my funds available were limited.
Fortunately, my broker introduced me to Albatross. They met me almost immediately on the site of a small barn and vacant barn conversation that I own and rent out on a holiday let basis. Given the urgency, we instructed legals at the time of meeting and they provided me with funds within 48 hours, ensuring I settled my payment on time. I will be forever grateful for both their speed of initial delivery, and service and understanding throughout the loan term.
I have been supporting Albatross with loan applications since their inception, and some 8 deals later they continue to be my ultimate lender of choice. I particularly relish the fact I can call the office and speak directly to a decision maker; they don’t always say yes to my deals, but I equally appreciate the quick no’s.
A lender who is able to be as commercially minded and efficient as Albatross is a lender who’ll go very far.
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