Aspen Bridging

Aspen Bridging funds £2.3m loan for three-in-one solution

Aspen Bridging has completed a £2.3m bridging loan to cover a client’s existing lender repayment, the finish and exit on a luxury house, and the all-in purchase of a high-end apartment.

The first and second requirement involved an eight-bedroom new-build mansion in Hornchurch, where the client was nearing the end of the development.

The borrower was looking for capital raise on the site to fund the entire purchase of an investment property, while extending the marketing period of the development.

As build control sign-off and warranty were yet to be provided, Aspen liaised directly with the developer to ascertain all information and ensure completion was not delayed.

The third requirement was the purchase of a luxury three-bedroom new-build flat in Canary Wharf.

The investment property was funded in full, including stamp duty and all associated fees, but had an outstanding issue to remedy for the purposes of the EWS1 form.

Aspen communicated directly with developer Ballymore to get confirmation this was in hand.

The lender provided the 72% LTV loan at a 0.49% rate for the initial six months of the 12-month term.

The application was introduced by Foyaz Ahmed at Rainstone Money, and Harry Baker, credit manager at Aspen, took the case from start to finish, while John Smith of Fieldfisher LLP handled legals.

Harry said: “We will always back quality developments that require extended sales periods, but to do so while capital fund another purchase clearly demonstrates our flexibility and willingness to take-on complex cases where other lenders would walk away.”

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