The average deal size of enquiries in the quarter was £680,000.
- What's in store for the bridging and commercial markets in 2024?
- Local Space secures £120m funding arrangement with MetLife Investment Management
- Jackie Woodhead returns to Mint
The specialist lender has reported that many enquiring brokers have stated that existing incoming lenders are incurring funding issues and unable to complete deals, or at least meet the time frames required to complete, due to liquidity.
The bulk of product enquiries surround auction finance, refurb, and development tranches.
Albatross has stated that the top three reasons for the deal ending up on the lender’s desk were funding or liquidity issues of the incoming lender, an incoming lender failing to meet the promised delivery date, and a last-minute change of offering (lower LTV/higher rate).
In addition, Albatross’s Q1 lending figures increased 90% year-on-year as a result when compared with the same quarter last year due to this spike.
Lewis Casserley, co-founder and principal at Albatross (pictured above), commented: “We have enjoyed the influx of enquiries and the formation of many new relationships with brokers and borrowers alike.
“However, it’s clear that to upkeep the reputation of our industry, the importance of working with lenders you can trust to deliver not only on completion, but right through to maturity has never been more salient.”
Leave a comment