The loan for the property valued at £155,000 was completed within two weeks for a term of 10 months at 75% LTV plus 100% of works costs in arrears.

Enness Bridging introduced the lender to the client who wanted to purchase the disused former BT repeater station outside Buxton and convert it into a residential house.

Initially it was thought that the deal was not possible after a previous lender declined the case at the legal stage.

However, Aspen and Enness concluded that it was possible to both part-fund the purchase as well as provide funding for works in arrears.

Aspen’s drawdown product was considered ideal as it helps the customer by only charging interest and fees on funds drawn rather than the overall facility.

The client identified several challenges standing in the way of completion, including:

1. Complex rights of way
2. No access to utility connections
3. Max possible LTV
4. Maximising utility of funds
5. Lapsed planning
6. Potential issues from flat roof
7. Potential environmental issue from previous use.

Aspen immediately underwrote the case and identified that the client could obtain the funds required for the purchase via the maximum LTV possible.

The lender also took time to understand the value impact of the works, which led to the decision to help fund 100% of the works needed to convert the property in arrears.

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Aspen completed the underwriting process within three hours and booked in a valuation which took place within two days.

When on site with the valuer and borrower, Aspen’s representative identified solutions to the utility connections needed together with the roofing issues.

It worked with the borrower and seller to get a borehole in place pre-purchase to remove the utility issues backed by increased day-one funds.

Aspen also reviewed the latest environmental study, which showed the issues were negligible and identified that despite its age, the roof was good and made funds available for the maintenance work.

Working with the borrower, Aspen successfully completed a valuation, borrower interview and action plan to move the project forward within 48 hours.

Aspen initiated legal requisitions concurrently which allowed the lender to have a comprehensive valuation and legal paperwork completed a week from initial illustration allowing the client to renew planning, purchase the property and begin works within the month.

“Albeit a learning curve for us, we have been guided step by step by Aspen and this has resulted in a closer working relationship,” said the borrower.

“It has and will be for future projects a pleasure to work with forward-thinking people who look outside the normal restrictions.”

Callum Taylor of Enness said he chose Aspen knowing it would deliver on such a complex case as this.

“Their can-do attitude really made the difference on this project – where many before had failed to get their heads around it, Aspen were all over it in a matter of hours, not days or weeks.”

Jack Coombs, director at Aspen, added: “At Aspen, we are willing to take the time to find a way to make a deal come together.

“We really enjoy it when it works for all involved.”