Albatross and Finanze launch bridging product for foreign nationals

Albatross Capital has partnered with Finanze to create a new bridging product designed for foreign nationals without a credit history in the UK.

The six-month term product — available exclusively through Finanze — offers loans between £100,000 and £5m at up to 70% LTV, at a rate of 0.83% per month or 4.98% over the six months.

It also includes a 2% arrangement fee and £695 administration charge, with broker fees payable separately.

The product allows foreign nationals without a track record of buying and selling in Britain to acquire funds for property purchases, as well as build a credit history — which, according to the property finance solutions company, could create potential access to cheaper lending rates when refinancing.

Alastair Hoyne, principal of Finanze (pictured above), explained: “Many foreign nationals either have to buy in cash, or take out BTL mortgages at really high interest rates of over 5.5% if they have no UK credit history. 

“This loan allows people to create a healthy credit history that opens up access to a much larger pool of lenders in future, improving their financing options long-term.

 “Finanze is proud to partner with Albatross to provide the bridging loan another exciting new company that’s injecting some youth and vibrancy into the marketplace,” he added.

“The partnership isn’t just mutually beneficial, but also caters for a sizeable audience, providing a better solution for people who wouldn’t ordinarily have access to great rates.”

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