Aspen Bridging

Aspen completes light development bridging loan for Greater London property

Aspen Bridging has provided a £402,000 light development bridging facility for a property development firm to secure its latest investment and fund the conversion of a Greater London property ahead of several bidders.

The three-bedroom semi-detached property in Harrow received several offers within weeks of going on the market, but a quick turnaround from application to completion ensured the client could purchase the property ahead of other potential buyers.

Aspen’s product also enabled the property to be revalued post-planning to secure funding for 100% of the next stage of works, with the first draw in advance, all fully included in the initial facility.

The light development bridging loan, which includes £100,000 works in arrears, was secured at 75% LTV on the lender’s stepped rate product at 0.54% over a 12-month term.

The case was handled from start to finish by Jamaal Mckoy, underwriter and loans manager at Aspen Bridging.

Moving forward, the developer will complete a loft conversion funded by Aspen, while obtaining planning for a single rear extension and the creation of two flats.

Jack Coombs, director at Aspen Bridging, said: “This case is a great example of our light development product in action, enabling a purchase and re-valuation post planning to provide flexible draw-downs, plus all fees and interest are charged only on drawn funds. 

“This gives the borrower the benefit of a supportive and flexible light development facility.”

Leave a comment