Albatross Lending Group has completed a £760,500 property refinance against a residential investment property in Cheshire, finishing the deal in 10 working days.
The loan helped the borrower avoid penalties from their existing lender and released capital for further acquisitions.
The borrower faced a firm deadline to repay the existing lender and also wanted to raise equity to expand their portfolio through auction purchases. The security was a detached period property valued at £1.3m, which had undergone extensive refurbishment.
That value gave Albatross a basis for a facility that could meet the immediate repayment date while supporting the borrower’s next stage of investment.
How the property refinance came together
Speed shaped the transaction from the outset. Albatross arranged a desktop valuation within two days, which let the case progress quickly and complete within 10 working days.
The lender structured an 18-month facility at 58.5% loan-to-value (LTV), the loan as a share of the property’s value. The facility repaid the existing lender and provided additional funds for future acquisitions.
The property refinance let the borrower avoid the penalties and access equity held in the property, putting them in a position to pursue new auction opportunities.
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