Aspen funds developer exit bridge at 80% LTV

Aspen Bridging has provided a £664,000 developer exit bridge at 80% LTV in just 10 days.

The bridging lender was approached by Malcom Scanlon from Niche Financial Solutions on behalf of a borrower who had a prime, large semi-detached property in Weymouth, Dorset (pictured above), and was looking to raise the maximum funds for a new development, as well as refinancing an existing bridge on the property.

The borrower had recently converted the security from a large detached house into two semi-detached houses and a maisonette to the rear.

Due to the tight time constraints involved in the case, the underwriting team at Aspen liaised with the building’s control inspectorate to take a view on the conversion as it had not yet been granted full sign off.

The team underwrote the case within three hours and instructed legals and a valuation of the property on the same day.

Aspen provided the £664,000 at 80% LTV over six months allowing the borrower to refinance the property and begin the sale process on their own terms, as well as to raise capital for their new development.

Malcom said that having completed its first deal with Aspen, Niche Financial Solutions would definitely be returning.

“The service levels provided were excellent, Aspen ensured all the client’s expectations on timescales were met without any difficulties.

“First-class service all round.”

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