Aspen Bridging

Aspen lends £4.55m for Passivhaus development

Aspen Bridging has completed a £4.55m development exit loan for a UK private domestic Passivhaus project in Faversham, Kent.

The developer required the funds to complete the works, which were delayed by Covid-19.

The scheme — which won the gold award for best sustainable housing development in the What House? 2020 Awards — comprises eight detached and six semi-detached three-, four- and five-bedroom homes.

Passivhaus represents an entirely modern and different method of construction to achieve exemplary eco-friendly results, which ultimately requires an in-depth knowledge of how building certification impacts on both the valuation and legal processes.

The development exit loan was provided using the lender’s fixed-rate product at 66% LTV over a 12-month term.

It is the second time the developer has secured finance from Aspen in the last six months, having previously obtained a £1.16m development exit facility in February against three new-build detached homes in Kent.

Both cases were handled from start to finish by Prabhat Talwar, senior underwriter at Aspen.

Jack Coombs, director at Aspen, said: “From one award winner to another, it has been a pleasure to complete a deal which ensures the developer has time to finish each property to the exacting standards required by Passivhaus certification, while having extra time to maximise the sales process.”

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