The facility was used to cover an existing finance agreement, recommencement of works and further drawdowns.
With a final gross development value of £1.6m, the agreement represents 76% LTV of current and 62% LTV of final value.
The North London development comprises an end-of-terrace house being reconfigured into three self-contained apartments with the developer requiring £535,000 to redeem the existing lender, £60,000 upfront for works to begin immediately and £260,000 available in drawdowns to complete the project.
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The deal was completed on Aspen’s flat rate at 0.87% over 12 months.
Exit will be achieved through sale of the flats.
The deal was taken from start-to-finish by underwriting manager, Richard Tweddell.
Richard said: “This is superb conversion project and one we were excited to support.
“We could see that this was a good development with great potential for profit.
“We created a strong understanding of what was required to complete the works with the borrower and are confident of the path to success.”
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