Aspen Bridging

Aspen lends £1.26m for Grade II-listed property in Lincolnshire

Aspen Bridging has completed a £1.26m development exit bridging loan for a Grade II-listed property in Sleaford, Lincolnshire.

The client required £960,000 to refinance existing debt and £300,000 in arrears to finish the works on the building, comprising seven high-end apartments.

The case was handled from start to finish by Aqib Iqbal, credit analyst at Aspen, and involved substantial due diligence within a very short timeframe due to the technical nature of renovating a listed property and the legal procedures involved.

The deal was completed in under two weeks at 80% LTV on the lender’s flat rate of 0.79% over a 12-month term, and will be exited by refinance once the development is complete.

Jack Coombs, director at Aspen Bridging, said: “We are seeing substantial demand for our 80% refurbishment and development exit product, and this case is a great example of our appetite to overcome complex barriers, move quickly and deliver for our clients.”

Aspen Bridging launched its new 80% LTV development exit and refurbishment product in February, which offers loans between £400,000 and £3m net and is available on both the lender’s flat rate at 0.79% pm and stepped rate from 0.39% pm.

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