Albatross Lending Group has provided a £746,481 bridging facility to refinance an existing loan secured against a mixed use conversion in Leicester.
The borrower had been unable to secure longer term finance due to outstanding building regulations sign off relating to works at the property.
With the existing bridging facility approaching maturity and the issue still unresolved, the borrower required additional time to complete the outstanding works, secure sign off and refinance.
Albatross worked with the borrower and its quantity surveyor to assess the required works and establish a contingency before structuring the new facility.
The 12 month loan was completed at 63% LTV against a market valuation of £1.18m.
The security comprises multiple commercial units and flats within the completed Leicester conversion.
The facility will give the borrower time to complete the required works and obtain building regulations sign off, with the planned exit through a refinance onto longer term commercial finance.
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