Aspen Bridging

Aspen completes multi-million-pound finish and development exit deal

Aspen Bridging has completed a £3.38m finish and development exit loan for five detached houses in Bedfordshire — three of which were part-finished.

With the build significantly delayed by Covid-19, the developer was reaching the end of their current facility, with £400,000 worth of works remaining.

The client required the funds to clear the existing finance, complete the properties, and allow sufficient time to market and realise maximum value.

The loan was secured at 70% LTV on the lender’s flat-rate product over a 12-month term.

The case was introduced to the lender by George Wells, specialist finance consultant at FinSpace Group, and was handled from start to finish by Saif Khalique, senior underwriter at Aspen Bridging.

“We are excited to be working together with FinSpace in helping this excellent developer, whose three-phase multi-unit project we are proud to be financing,” said Jack Coombs, director at Aspen Bridging.

“Finish and development exit cases come in all shapes and sizes and, with our competitive offering up to £5m and our flexibility and understanding of the issues, we expect this pipeline to increase through 2021.”

The latest deal follows the completion of a £4.55m development exit bridging loan on a Passivhaus project in Faversham, Kent.

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