Aspen completes Passivhaus development bridge

16 December 2020

Aspen Bridging has completed a £450k facility to fund the final build stages of a Passivhaus development in Hertfordshire.

By displaying their competency and having self-funded the development up to being wind and watertight, the developer required the funds in just six days from application to ensure building work continued as scheduled.

Passivhaus represents an entirely modern and different method of construction to achieve exemplary eco-friendly results, which ultimately requires an in-depth knowledge of how building certification would have on both the valuation and legal processes.

The client completed on Aspen’s stepped rate product at 0.59% per month over a 12-month term.

The case was introduced by Jamie Lloyd at Xcel Finance and handled from start-to-finish by Aspen Bridging Underwriter, Jamaal McKoy. Legals were handled by Adam Hattersley of Fieldfisher LLP and Ayesha Yunus of Ola Leslie Solicitors.

Jack Coombs, Director at Aspen Bridging, said: “As always the team stepped up to the challenge, bringing together the developer, surveyor and legal teams in double quick time to cover all ramifications and deliver on the client’s requirement for a six-day turnaround.”

Aspen Bridging’s rate card has a maximum LTV to 75%, which can be realised through both physical and desktop valuations, and a top loan amount of £3m net.

Through its Time-Based Service Excellence Targets, Aspen aims to take the majority of applications from enquiry to completion in just three to 10 days.