ASPEN COMPLETES £6.5M DEVELOPMENT EXIT BRIDGE

09 May 2024

Aspen has provided a £6.5m Development Exit bridge to several experienced developers, enabling the redemption of the development lender and freeing up equity in a capital raise to use towards their next project.

The loan was secured against 30 one-to-three bedroom apartments in a site comprising 42 units within walking distance of the high street and parks in the thriving town of Reigate, Surrey.

Aspen funded the full amount on day one, prior to practical completion sign-off, having been satisfied that remaining substation works were well progressed.

The 71% LTV deal was completed on Aspen’s Flat Rate at 0.94% per month over 12 months with no exit fees or minimum interest. Exit will be achieved through a combination of sale and refinance of the 30 apartments with a number of them already sold STC.

In-line with the lender’s one-person per-case Customer Service Commitment the deal was taken from start-to-finish by Credit Analyst, Richard Coombs.

Richard said: “This was a great case to work on, and a prime example of how established developers use bridging loans to ensure the seamless continuation of their works and 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 0.49% per month for the first six months across all product types and are available 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.