The deal concluded at 75% LTV with the final GDV rising to £2.5 million
Specialist lender Aspen Bridging has saved an experienced developer’s latest project after the previous lender reportedly kept delaying works by failing to provide further drawdowns in a timely manner.
Development of the 19th century, five-bedroom detached house with large swimming pool extension, courtyard, and games room in Malpas, Cheshire commenced in May 2022 and still required over £500,000 in renovation works.
Aspen was able to move quickly and complete in 10 working days, agreeing a £1.275 million total bridge comprising £900,000 to repay the existing lender, £200,000 to recommence works immediately, and a further £175,000 pending the next development stages of the project.
The deal concluded at 75% loan-to-value (LTV) based on current market value, with the final gross development value rising to £2.5 million.
The deal, which was taken from start-to-finish by Aspen underwriter Richard Tweddell, concluded on the lender’s stepped rate starting on an initial 0.49% per month over 10 months.
“Throughout our loan book, we are developing a large number of strong business relationships with experienced developers who come back to us time-and-time again. Why? Because we are quick to complete, engaged and transparent in every single deal,” Jack Coombs (pictured), director at Aspen Bridging, said.
Aspen’s rates and product card sees stepped rates from 0.49% and flat rates from 0.79%. The lender operates a maximum loan size of £10 million net, up to 75% LTV and with terms running from six to 24 months.
The company launched two innovative products last year – its development exit and refurbishment and its award-winning bridge-to-let.
Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.
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