Albatross Capital

Albatross Capital secures multi-million-pound facility from Shawbrook

Albatross Capital has recently obtained a multi-million-pound funding facility from Shawbrook Bank.

The bridging lender launched in the midst of the Covid-19 crisis in April last year to offer a variety of finance solutions to the market. 

The finance provider — which is backed by institutional funding lines, private investors, and now Shawbrook — set out to lend £80m in 2021. 

Following a strong start in Q1 and witnessing a growth in demand for its second-charge products, the business is on track to achieve its target.

“Our new relationship with Shawbrook is a huge milestone for us,” said Lewis Casserley, co-founder and principal at Albatross Capital (pictured above, left).

“It proves to the industry that Albatross is a credible lender that possess the credentials, systems, controls and depth within the team to gain the confidence of a bank’s credit committee.” 

The funding will support the bridging lender’s new product ‘mini wings’, which focuses on loans at the lower end of the market.

The product provides between £50,000 and £450,000 for residential and semi-commercial assets in England and Wales. 

The mini wings’ loan terms are from 3-18 months, up to a maximum of 75% LTV with rates from 0.74% pm.

The offering can be used for acquisition and auction finance, light and heavy refurb and restoration, second-charge lending, developer exit, cashflow funding and loans to foreign nationals. 

“We feel that this is an area of the market that can sometimes be overlooked by our larger lending peers, leaving potential customers with limited options, where rates and covenants are not as competitive as they could be,” commented Lewis.

Jordan Fearnley Brown, co-founder and principal at Albatross Capital (right), commented that, with the new funding, the lender was now in a fortunate position to focus more on customers, grow its book, build its team and to continue to try and disrupt the market. 

“We want to begin offering ground-up development finance and loans against commercial property later in the year, and so we will be on the hunt for funding partners in this area to help us before too long,” he added. 

Paul Tagg, senior director of block discounting at Shawbrook Bank, stated: “As with all our block clients, we’ve spent a lot of time with the team at Albatross to understand the business they’re building.  

“Every specialist lending business needs to develop an essential set of enablers to be able to lend consistently, responsibly and safely.  

“But once those pieces of the jigsaw are in place, you also need a great proposition, a great network around you and a passion for supporting your customers; Lewis and Jordan have all three in Albatross and I’m very happy that we at Shawbrook can now support their growth.”  

Albatross also recently appointed founding investor, Kevin Cook, as its new group chairman.

Kevin Cook, new group chairman at Albatross Capital

Kevin was previously a senior audit partner for 25 years with BDO (where he retired in 2019) and, at Albatross, he will play an active role in all internal company policies and procedures, as well as chairing its credit committee, structuring deals and managing its private investor network.

"I am as delighted as I am excited to accept the group chairmanship of Albatross Capital," said Kevin.

"Having worked with Lewis and Jordan for some time now I knew, from 40 years in business working with large multinationals and smaller, privately run companies, that they have the qualities, skills and passion to build a long-term, sustainable business, succeeding largely because of their relentless focus on delivery for clients, borrowers and brokers.

"I am truly excited about our future and new products, and I am certain we will be a name and brand that will be recognised and respected in our industry, now and into the future."

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