Whether you’re planning to carry out light internal work or heavy construction based refurbishments, our tranche based refurb loans are there to support your project from start to finish.
When carrying out refurbishment works to a property, finding a funder who fully understands the project is vital. Naturally, things don’t always go to plan, and working with a lender who accepts this and works with you to find solutions can seriously enhance the quality of the work being undertaken and ultimately your bottom line.
We are a team of finance and property specialists focused on supporting your project; providing the start up capital required to get cracking, as well as the drawdown capital to keep up the progress throughout. We will visit you on site to fully understand the task first hand, and draw up a bespoke funding plan to assist you along the way, where you will only pay interest on the funds you draw.
We can assist with commercial to residential conversations, C3 to C4 conversations, light and heavy residential refurbishments, and much more.
A classic example of Albatross working with a client, and making the right commercial decisions in order to achieve a positive outcome for all involved.
The customer approached Albatross pre covid-19 pandemic for assistance with the purchase of a run down bungalow in Solihull, Birmingham. We provided a 75% LTV against purchase price on day one, the borrower had intended to self fund the development works. We monitored the project from time to time, visiting the borrower when in the area, and requesting photo updates. The borrower was hit with material delays and labour shortgages during the difficult lockdown periods, as well as experiencing his own cash flow issues from delays elsewhere in the portfolio. Given the progress we saw being made, and the borrowers plans and proposed GDV, we extended the loan for a further 12 months, beyond the original 18 month term, and provided the customer with a further £150k to continue progressions without the financial stress. With further delays and cashflow problems, we extended the facility a further 6 months and provided a further funding tranche to get the asset to its completed state. The borrower has created a master piece, and successfully refinanced on to a BTL facility to eventually redeem us.
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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