Aspen's £5.1m bridge saves developer following BTL offer withdrawal

12 December 2022

An experienced developer left facing substantial fines following the late withdrawal of a buy-to-let mortgage offer has been saved by a £5.1m gross Development Exit loan from Aspen Bridging.

The client was at the end of an existing development finance deal and had planned to move the two, two-bedroom apartments in South Kensington onto a long-term deal having completed the properties in late October.

When the broker approached Aspen to explain the issue the developer had decided to sell the properties, and the lender agreed a Flat Rate bridge at 0.82% per month over 12 months with zero early repayment changes. A second charge will sit behind the loan due to the 69% LTV position.

The case was seen through to completion by Aspen’s Jack Coombs, Director, Ian Miller-Hawes, Head of Sales and Aqib Iqbal, Credit Analyst.

Mike Kelsey, Head of Sales for Yellow Stone Finance, said: “Jack, Ian and Aqib have yet again provided us with a reliable and cost-effective solution for our client. Brilliant process married with a great rate, what more could we ask for?”

Aspen’s 2022 rates and product card sees Stepped Rates from 0.49% and Flat Rates from 0.79%. The lender operates a maximum loan size of £10m net, up to 75% LTV and terms running from six to 24 months.

This year the company launched two innovative products, Development Exit & 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.