Aspen saves developer's project after original lender refuses extra time

22 August 2022

Aspen Bridging has completed a £1.5m, 79% Development Exit loan which will allow a property developer extra time to complete their latest project after the original lender refused to extend terms.

The newbuild, which comprises of eight apartments in Windsor, Berkshire, was substantially delayed during the Covid pandemic and, despite best efforts, remained behind schedule.

The bridge took just 17 days from application to completion and was finalised on Aspen’s Flat Rate product at 0.84% over a 12-month term. Exit will be through sale of the apartments.

Jack Coombs, Director at Aspen Bridging, said:

“As the economy continues to be ever changing I believe we will see a more-and-more situations where incumbent lenders are refusing to extend terms and, through no fault of their own, developers are put in increasingly difficult situations.

“The fact remains that bridging is a fantastic short-term option to allow for the completion of projects and then what may be longer than expected sales periods, and we are at the very front of the queue to be the financial solutions provider they need.”

Aspen’s 2022 rates and product card sees Stepped Rates from 0.39% and Flat Rates from 0.64%. The lender operates a maximum loan size of £10m net, up to 80% LTV and terms running from six to 24 months.

This year the company launched two innovative products, Development Exit & Refurbishment and Bridge-To-Let.

Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.