Aspen Bridging

Aspen supports developer with £1.3m bridging loan




Aspen Bridging has completed a £1.3m bridging loan for a property developer looking for additional funding for their latest residential project.

The client required the funds to complete the refurbishment of a £2.5m GDV six-bedroom detached house in Gerrards Cross, Berkshire, after the previous lender refused to extend available finance to cover cost overruns brought on by the increasing price of building materials.

Having visited the property and met with the developer, Aspen offered a light development bridging loan of £1,030m on day one, with a further drawdown of £300,000 later in the project, thus ensuring the LTV would not exceed 70% at any time.

The 12-month facility was completed on the lender’s flat rate at 0.79% per month.

The deal was handled from start to finish by Saif Khalique, senior underwriter at Aspen.

Ian Miller-Hawes, head of sales at Aspen, said: “In the current cost of living crisis, it is imperative that lenders support developers and in this case, it was a very straightforward proposition.

“Ultimately, the client was very happy with our services and they have already sent their next project to us to provide funding.”

 

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