Aspen Bridging completes £4.55m Passivhaus development exit loan
Aspen Bridging has completed a £4.55m development exit bridging loan on one of the UK’s first private domestic passivhaus developments, giving the developer additional time to complete works delayed by Covid.
Comprising eight detached and six semi-detached homes of three, four or five bedrooms, the site in Faversham, Kent has been named What House? 2020 Awards Gold Winner in the Best Sustainable Housing Development category.
Passivhaus represents an entirely modern and different method of construction to achieve exemplary eco-friendly results, which ultimately requires an in-depth knowledge of how building certification impacts on both the valuation and legal processes.
The development exit bridging loan was secured on the lender’s fixed rate product over a 12-month term. LTV was 66%.
It is the second time the developer has used Aspen in the last six months having previously secured a £1.16m development exit facility against three newbuild detached homes in Kent in February.
Both cases were handled from start-to-finish by Prabhat Talwar, Senior Underwriter at Aspen, which ensured he understood the requirements from the outset of the latest deal to deliver a seamless transaction.
Jack Coombs, Director at Aspen Bridging, said:
“From one award winner to another it has been a pleasure to complete a deal which ensures the developer has time to finish each property to the exacting standards required by Passivhaus certification, while having extra time to maximise the sales process.”