ASPEN COMPLETES £1,130,000 BRIDGE IN 14 DAYS DESPITE PLANNING ISSUES

09 October 2024

Aspen Bridging’s in-house planning consultant played in integral role in ensuring a developer received a £1,130,000 Development Exit loan in just 14 days to allow much-needed time to resolve outstanding issues.

The recently modernised and extended five-bedroom, four-bathroom detached property on a ½ acre plot in Esher, Surrey still had some pre-commencement conditions outstanding relating to the original planning permission, and the applicant was submitting a new application to have these resolved.

Aspen’s in-house planning consultant worked closely with the developer to deep-dive into the matters raised to be confident that the application would resolve the problems and so then released the funds required to support the project.

The deal was completed at 75% LTV on Aspen’s Flat Rate at 0.89% over 12 months. The new planning application has subsequently been approved and the borrower has a sale going through on the unit.

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

Ian Miller-Hawes, Sales Director at Aspen Bridging, said: “This is a prime example of how we are willing to work closely with proven developers, understand their projects and any outstanding issues, then work hard to resolve these and deliver the best financial solution. We welcome all complex cases.”

Aspen Bridging recently announced that it has reduced rates across the board by up to 60bps for all new applications.

Flat Rates now start from 0.85% per month, a decrease of 0.04%. Stepped rates have also fallen and are available from an initial 0.59% per month, a reduction of 0.06% moving onto 1.25% per month secondary.

Residential & Development Exit rates are available at 0.87% at 75% LTV and & 0.85% at 70% LTV, while the lender’s Refurbishment bridge begins at 0.89% at 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.