10-day £1.275M Aspen bridge gets developer's project up-to-speed

27 February 2023

Aspen Bridging has saved an experienced developer’s latest project after the previous lender 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 half-a-million pounds in renovation works.

Aspen was able to move quickly and complete in 10 working days, agreeing a £1.275m total bridge comprising £900k to repay the existing lender, £200k to recommence works immediately and a further £175k pending the next development stages of the project.

The deal concluded at 75% LTV based on current market value, with the final Gross Development Value (GDV) rising to £2.5m.

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.

Jack Coombs, Director at Aspen Bridging, said: “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.”

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 £10m net, up to 75% LTV and with terms running from six to 24 months.

In 2022 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.