Aspen Bridging

Aspen completes £1.5m development exit bridging loan

Aspen Bridging has completed a £1.5m development exit bridging loan on two semi-detached, new-build homes in Hertfordshire.

The developer required the loan for a capital raise on the site, while  extending the marketing period of the two houses.

The case was presented to the company by Michael Adam, director at PCF, and the application was handled from start to finish by Saif Khalique, underwriter at Aspen Bridging.

As build control sign off and warranty were still to be provided, Aspen liaised directly with the build control inspectors and warranty providers to understand the project was progressing properly and ensuring completion was not delayed. 

The deal was completed at 75% LTV on the lender’s flat-rate product at 0.89% across the 10-month term, with no early repayment charge and exit fee. 

John Smith, senior associate at Fieldfisher LLP and Ayesha Yunus, senior partner at Ola Leslie Solicitors represented Aspen and the client respectively, the latter being part of the lender’s ‘recommended solicitor guarantee’ which will deliver all legal requirements in under 10 days. 

Jack Coombs, director at Aspen Bridging, said: “At any time, there are developments that require a little extra time either due to works or planning overruns to ensure they achieve market value. 

“Our development exit bridge fits this requirement now more so than ever.”

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