Albatross Lending Group has structured a \u00a32,672,662 facility to refinance existing debt and fund the conversion of a vacant East London pub into a mixed-use scheme comprising six residential apartments above a fully refurbished public house. <\/p>\n
The complex transaction combined refinance, commercial refurbishment and residential development under a single structured facility. <\/p>\n
The security is an end-of-terrace building in the London Borough of Hackney, comprising a vacant public house on basement and ground floors with two derelict flats on upper floors, totalling 4,000 sqft. <\/p>\n
The property already benefits from planning consent for a rear two storey extension and mansard roof allowing creation of six self-contained flats, with the facility also structured to allow refit of the commercial ground floor and basement. <\/p>\n
The vacant pub was purchased out of receivership, requiring a lender capable of handling the transaction\u2019s complexity under one facility. <\/p>\n
Albatross structured a single, flexible facility covering the refinance, commercial works and residential conversion, with tranched drawdowns aligned to the development programme and interest rolled throughout. <\/p>\n
The lender\u2019s appointed quantity surveyor provided independent validation of costs and programme, giving all parties confidence in deliverability from day one. <\/p>\n
The primary exit strategy involves sale of the six residential flats on completion, with combined proposed sale prices totalling \u00a33,025,000 and average values of \u00a3500,000. <\/p>\n
Local agents have indicated strong buyer demand and expect sales to complete within six months of marketing, while the borrower intends to refinance the commercial unit onto a commercial term product once the pub becomes operational. <\/p>\n
The completed loan-to-gross development value stands at 55%.<\/p>\n","protected":false},"excerpt":{"rendered":"Albatross Lending Group has structured a \u00a32,672,662 facility to refinance existing debt and fund the conversion of a…\n","protected":false},"author":2,"featured_media":8037,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[4069,4070,27,4071],"class_list":{"0":"post-8036","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-london","8":"tag-albatross-lending-group","9":"tag-case-studies","10":"tag-london","11":"tag-specialist-finance"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116362500385688491","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/8036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=8036"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/8036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/8037"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=8036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=8036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=8036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}