The 71% LTV deal was completed on a flat rate at 0.94% per month over 12 months with no exit fees or minimum interest, while the exit will be achieved through a combination of sale and refinance of the 30 apartments, with a number of them already sold STC.

The loan was issued to several experienced developers to enable the redemption of the development lender and free up equity in a capital raise to use towards their next project.

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Aspen funded the full amount on day one, prior to practical completion sign-off, having been satisfied that remaining substation works were well progressed.

The deal was undertaken by Richard Coombs, credit analyst at Aspen.

Commenting on the case, Richard said: “This was a great case to work on, and a prime example of how established developers use bridging loans to ensure the seamless continuation of their works and projects.”