The finance will be used by an experienced property professional who urgently required just under £1.6m to secure their next development in Regent’s Park and complete a project in Fitzrovia.
Over £1.55m was allocated to facilitate the onward purchase of the developer’s next project, a three-bedroom stucco house.
The remaining £25,000 is being used to complete an extensive multi-year refurbishment project, which is weeks away from finishing and will have an estimated GDV of £2.3m.
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The deal was taken from start-to-finish by credit manager Sinead McMurray who used the lender’s no-valuation product to ensure the rapid drawdown of funds.
It was completed on Aspen’s stepped rate at an initial 0.55% over a 10-month term.
Exit will be via refinance of the security property once the limited remaining works are complete.
“This deal involves a serial developer who has a dedicated team who have worked on numerous super-prime projects over the past five years, and naturally we were happy to step in and become a partner in this truly compelling property success story,” said Sinead.
Aspen’s no-valuation bridging product enables urgent transactions at up to 75% LTV.
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