ASPEN CONTINUES TO DELIVER IN LONDON SUPER-PRIME DEVELOPMENT MARKET

12 December 2023

Aspen has completed bridging loans totalling £6,120,000 on two ultra-luxury London properties in the boroughs of Westminster and Kensington and Chelsea.

The lender, which has established a foothold in the super-prime West London residential market in 2023, finalised a £3,650,000 Development Exit loan at 70% LTV on a recently renovated high-spec three-bedroom, two-floor maisonette in Belgravia.

Completed on the company’s Stepped Rate starting at 0.65% per month on a 10-month term, the loan will give the developer extra time to finalise the sale of the property which is currently under offer.

Less than a mile away in Chelsea another developer secured a Refurbishment bridge of £2,470,000 from the lender, consisting of £1,900,000 upfront and an extra £570,000 for the extension and refurbishment of a four-storey, four-bedroom mid-terraced Victorian house which will benefit from a full loft conversion and side extension.

With drawdown at 75% LTV, the deal is on a Flat Rate of 0.95% per month over 12 months with exit to be achieved through sale.

Aspen has also recently completed a Finish & Exit bridge for £6m at 75% LTV on a large Georgian Stucco house in Kensington, and an ultra-luxury £7,150,000 Refurbishment bridge on a property in the heart of Belgravia, currently one of the most high value private redevelopments in the UK.

Rory Cleary, Head of Sales at Aspen Bridging, said: “In my first few weeks it has been invigorating to see the breadth and scale of the completions, from super-prime West-London residential through to multi-home sites to smaller, single building developments.

“These deals are illustrative of the experience that Aspen has in this market and exemplifies their consistently delivery of finance solutions at every juncture of the development process.

“The business has an amazing loan book and a professional team delivering first-class service and serious know-how, my task is to build on this strong foundation and cement our position as the ‘go-to’ bridging lender for good developers with good projects.”

Aspen Bridging’s 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 as well as 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.