Are you a borrower who needs to refinance a current bridging loan quickly and cost-effectively, without hefty fees and high-interest rates often associated with loan extensions? Albatross introduces the Re-Bridge, Re-Vamped.
This innovative new product addresses the challenges faced by borrowers with previous loans, offering them up to 75% Loan-to-Value (LTV) and loan amounts up to £1 million, all with no upfront costs and interest rates starting at just 0.99% per month.
The Re-Bridge Re-Vamped ensures that borrowers can manage their financial obligations smoothly and avoid costly defaults, with Albatross’ expert team on hand throughout the process, putting the client at the heart of their approach.
In March 2023, two borrowers purchased a project for £180k to refurbish four flats. Their first builder underperformed, and due to their remote location, they felt taken advantage of. They hired a new builder at an additional cost, completing the works for £50k.
Delays caused their refinance to start late, and they ran out of time with their existing lender. They needed a 70% LTV re-bridge within 7 days to avoid penalty fees, but their initial refinance with a high street bank fell through due to a 5-year Serco contract for asylum seekers instead of four ASTs. After a quick Zoom call with the borrower and broker, we booked the valuation and started the legal process immediately. We issued a gross loan of £126,365.54 (£119,000 net) to repay their existing lender.
The primary exit for the loan will be a term refinance with a lender comfortable with the Serco tenancy. The broker mentioned discussing this with Fleet, Quantum, and UTB. Despite the challenges, we completed the deal on time, avoiding penalty fees for the client. This showcases the speed and efficiency of our re-bridge product.
Download our product guide for more details.