The 72% LTV deal was completed on the firm’s flat rate at 0.89% over 18 months, while exit will be through sale of the property, while holiday-lets onsite continue to generate income and other outbuildings are also sold off.
The asset, Berry House in Bideford is a large Georgian farmhouse that can accommodate up to 24 people, while the site also has several holiday-let cottages and outbuildings.
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Having undergone significant development, the applicant required immediate funds to clear their existing finance facility as they risked incurring significant fees if not refinanced on time, as well as allow extra time for marketing and sale of the main property.
The deal was taken from start-to-finish by Underwriter, Wasif Khan.
Ian Miller-Hawes, Sales Director at Aspen Bridging, said: “Speed was of the essence so the developer could avoid a hefty fine on their existing finance agreement, so our No Valuation product was the ideal solution.
“This case study really emphasises the fact that we are willing to deploy this unique product even on properties that are highly unusual and one-of-a-kind.”
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