Albatross Capital secures further funding and ups max loan size

Since launching and entering the bridging market in April, Albatross Capital has secured funding from an undisclosed asset manager and increased its maximum loan size to £2.5m net.

The new bridging lender now has the capacity to lend £60m in England and Wales within the next 12 months and has expanded its product range.

Albatross Capital can currently provide: 

  • a maximum loan size of £2.5m net 
  • nationwide lending
  • loans to foreign nationals
  • heavy refurbs
  • finish and exit finance
  • developer exit loans
  • auction finance
  • second-charge loans
  • loans for semi-commercial assets
  • business cash flow finance
  • a maximum term of 18 months.

“We will be increasing our deal flow massively throughout this period,” said co-founder and principal, Lewis Casserley (featured in the filmed interview above, right).

The lender confirmed it has good appetite for light and heavy refurbishment, mixed-use/semi-commercial finance, and development exits. 

From a refurbishment point of view, Albatross believes it adds value with its personal service.

“…When we are working with clients of this nature, we like to feel like a funding partner, as opposed to a line of credit,” Lewis stated, adding that it visits every customer and site.

Jordan Fearnley-Brown, co-founder of Albatross (left), highlighted that it could also assist and streamline the process with smaller developers due to the lender not needing a quantity surveyor if the total drawdown is under £500,000.

“That’s where we can judge it on its own merits and our own experience of being hands on and knowing the process,” Jordan explained.

The lender has recently welcomed a new non-executive director — a former audit partner at accountancy firm BDO — who has invested in Albatross.

“He looks through all of our deals [and] is an entrepreneur with flair,” Lewis said, “so he’s able to see the upside and the commercial vision of deals.”

B&C asked Lewis and Jordan whether they will be looking to secure further funding in 2021.

Since its launch in April, it has received several phone calls from private investors looking to “put their money to work”, according to Lewis.

“We’ve taken on a couple of new investors [on an unsecured basis],” he divulged.

“We’re always keen for private money [and are] actually talking to a couple of fairly substantial private lines at the moment, which will hopefully come to fruition over the coming months.”

In addition, Albatross is speaking with a UK bank and is in the final stages of credit, with hopes to receive its first drawdown in December.

“We now want to [achieve] traction in the market,” declared Jordan.

As a result, the lender has this week launched a ‘broker bonus’ incentive programme, with more details being sent to its broker partners.

Next year, it will be looking to grow its team with experienced BDMs, an additional underwriter, and more admin support staff, to support its loan book ambitions.

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