The 48% LTV facility was needed to supply the funds to support cashflow and outstanding invoices.

Fixed at 1.05% pcm the loan had a maximum three-month term — as requested by the borrower — and the broker on the deal was founder of Capatool, Harry Esqulant.

The developer will exit the loan via portfolio refinance from Investec.

Albatross said a substantial amount of commerciality was needed during the legal process and due to the building being derelict, most of its value is held in the land rather than the structure.

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Lewis Casserley co-founder and principal at Albatross (pictured above), said: "A sub-48-hour completion taken comfortably in our stride, [which is] testament to incredible teamwork, both internally and alongside the third-party professionals we work with.”

On the timescale of the work from Albatross, Harry said: “I called Lewis hoping that we could potentially deliver the bridge within a week; I never thought for one second we would have it completed within 48 hours.

“Most bridging lenders state they can do it in this timeframe, but I have yet to meet one who can do it from a standing start.

“Lewis was on site within 45 minutes of the enquiry and had the offer out that night.

“The time frame is even more impressive when you consider some of the issues we had with the title being backdated and the fact one of the borrowers was out of the country.”