Aspen backs Aylesbury development with £2.12m finish and exit bridge

Aspen has provided a £2.12m finish and exit bridge to allow the refinance, completion and additional time to maximise sales values on a high-value development in Aylesbury, Buckinghamshire.

The experienced developer required an initial £2.065m to repay their existing facility, while a further £55,000 has been made available in arrears to finalise outstanding works.

The site comprises three new-build four-bedroom houses, and with one of the units already sold STC the lender has taken security over the two remaining units which are already listed with a local agent.

With a combined market value of circa £3.125m and a square footage of 4,630 and 2,570 respectively, both luxury properties feature multiple reception rooms, games rooms and large gardens.

As part of the 80% LTV deal structure, Aspen took an equitable charge over an additional property owned by the borrower which enabled the lender to offer improved terms.

The No Valuation bridge was finalised at 0.85% per month over 10 months.

Exit will be realised through sale of the properties.

The application was taken from start-to-finish by senior underwriter, Laura Randall.

Laura said: “In a subdued market it can pay for developers to take the time to complete works on site and hold out for higher sales values later, and a well-constructed bridge can provide exactly that kind of breathing space.

“Our award-winning No Valuation product is perfect for developers who find themselves in such a position, providing the flexibility to allow any project to realise the best possible return on investment.”