ASPEN COMPLETES £2M FINISH & EXIT DEAL IN 17 DAYS AT 80% LTV

07 August 2023

An experienced developer is utilising a £2m, 80% LTV Finish & Exit bridge from Aspen to redeem an existing development loan and complete an advanced nine-house development in Lancashire.

The development, which is circa 85% completed, comprises a mix of three-and-four bedroom detached and semi-detached houses totalling 10,699 square feet on the edge of Chorley with several sales agreed STC.

Aspen took the deal from start-to-finish in 17-days with £1.8m clearing the existing facility and a further £200k available to allow completion of works.

The deal was completed on the lender’s Stepped Rate product starting at 0.59% over 12 months.

In-line with Aspen’s Customer Service Commitment the deal was taken from start-to-finish by Underwriter, Richard Tweddell who worked alongside the monitoring surveyor to ensure the deal could be completed quickly before any charges were imposed.

Jack Coombs, Director at Aspen, said: “This is a solid development project, we were more than happy to step in at the eleventh hour to refinance the development, finish onsite work and provide time to sell.

“This again shows our clear appetite to assist good developers with quality new-build projects, either part way through or at practical completion.”

Aspen Bridging’s new Summer 2023 Rates & Product Card has Flat Rates, across all product types including heavy works, available at 0.89% plus one month’s exit at 80% LTV, 0.89% at 75% LTV and 0.85% at 65% LTV.

Stepped Rates start from 0.59% per month for the first six months across all product types and go up to 80% LTV.

Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.