£440k Refurb Bridge for Architect-Led Team Undertaking First Project
At a Glance
| Client Type | First time developer |
| Loan Product | Refurbishment bridge with drawdown facility |
| Facility Size | £440,000 |
| LTV | 60% |
| Interest Rate | 1.1% |
| Time to Completion | 3 weeks |
| Location | Hackney |
| Lender | Albatross |
| Applicant Profile | Development team undertaking their first development since a liquidation during Covid |
The Opportunity
A talented architect and design team were embarking on their first residential development project since the liquidation of a previous business during the Covid period. With no existing property assets to offer as additional security, the team needed a lender willing to back them based on the quality of their experience and ambition.
The Funding Strategy
Avid approached Albatross — a lender known for its ability to assess proposals on merit rather than simply track record. By clearly explaining the background to the previous liquidation and presenting a strong portfolio of past design work, Avid helped the lender gain confidence in the development team’s ability to deliver.
The Outcome
Albatross approved a £440,000 refurbishment facility, including a drawdown structure, at an LTV that made the project viable. The loan completed in just three weeks, enabling the team to move forward with their plans despite limited security and a challenging credit backdrop.
Why It Worked
Avid focused on the strengths of the team, not just their past setbacks. By providing a clear, honest explanation of the circumstances behind the liquidation — and highlighting the professionalism and design credentials of the applicants — we secured the lender’s trust and delivered the funding needed.
Client Feedback
“We were conscious that without a property asset sitting in the background as additional security lenders would avoid us. Thankfully Avid knew exactly who to go to, explained our ambition and circumstances and the loan progressed smoothly.”
Ready to Fund Your Next Project?
If you’re planning your first development — or returning to the market after a break — Avid can help you secure the right funding and structure the deal to succeed. Speak to our team today.
Contact Avid Finance on 020 3920 6920 and let’s talk about what’s possible.