Apartments, Hastings

Project Description

Albatross Capital were approached directly by one of the UK’s most renowned interior designers to assist in the purchase of 3 apartments in Hastings, where he has already established a firm footing and respectable commercial and residential portfolio. The customer has taken the lower end of the Hastings market by storm, buying cheap/rundown flats and adding his stylish touch for affordable prices. He already owns the freehold to the building along with the 2 additional units on site. He required 75% of purchase price (which he bought BMV) for 9 months before refinancing the finished product on to a BTL facility.

Deal Summary
  • Loan amount: £166,000
  • Loan to Value: 75%
  • Term: Minimum 3 months, maximum 9 months
  • Exit: Refinance

Bodmin, Cornwall

Project Description

Albatross Capital were approached by an elderly couple with whom owned a BTL property on their farm land in Bodmin. Their mortgage facility had come to the end of its term and the client was unable to refinance due to their age. Their existing lender was threatening to re-possess the property if their facility was not to be redeemed. The client required our assistance to clear their mortgage provider and thus allow 12 months to sell the property on the open market, as opposed to accepting a much lower value at auction. Albatross Capital were required to move exceptionally quickly and following a valuation which came in at £400,000, were able to present an offer to the client within 48 hours.

Deal Summary
  • Loan amount: £195,450
  • Loan to Value: 49%
  • Term: Minimum 6 months, maximum 12 months
  • Exit: Sale

Hob Moor Road, Birmingham

Project Description

Our client co-owned a multi-use site in a residential area of Birmingham which consisted of 3 commercial ‘shop-front’ units and 6 flats where Albatross Capital instructed a valuation which came in at £600,000. The client required a bridging loan of £326,650 (54% LTV) in order to buy out his partner and clear family debts enabling him to acquire the property initially. He was unable to obtain a bank loan due to complicated money trails and messy lease agreements. Albatross Capital offered a flexible approach and their legal team cleaned up the lease agreements accordingly, this enabled the client to obtain a bank loan, providing a successful exit for Albatross Capital within 7 months of loan completion. Our client was extremely happy with the service provided and we expect to work with him again in the future.

Deal Summary
  • Loan amount: £326,650
  • Loan to Value: 54%
  • Term: Minimum 6 months, maximum 18 months
  • Exit: Refinance