Albatross secures £746,000 bridging loan for mixed-use Leicester conversion

Albatross Lending Group has provided a £746,481 gross bridging facility to refinance an existing facility secured against a mixed-use conversion in Leicester.

Outstanding building regulations sign-off had prevented the borrower from securing longer-term finance.

The underlying issue related to works outside of the borrower’s control, with elements of the matter involving the relevant local authority.

With the existing bridge approaching maturity and the issue still unresolved, the borrower required a funding solution that provided sufficient time to address the outstanding works and achieve an alternative refinance.

Albatross worked closely with the borrower and its quantity surveyor to assess the works required, establish an appropriate contingency and structure the facility accordingly.

The resulting facility was written at 63% LTV against a £1.18m market valuation.

The 12-month facility gives the borrower time to ensure completion of the required works, obtain building regulations sign-off and refinance the property onto longer-term commercial finance.

The security comprises multi-unit commercial and flats within the completed Leicester conversion.