Aspen Bridging loan secures developers conversion project
A property development firm has used Aspen Bridging’s light development bridging loan product to secure its latest investment and fund its conversion ahead of several bidders in a popular area of Greater London.
The three-bedroom semi-detached property in Harrow received several offers within weeks of going on the market, and a reliable turnaround from application to completion ensured the owner didn’t sell to another buyer.
Moving forwards the developer will complete a loft conversion funded by Aspen whilst obtaining planning for a single rear extension and the creation of two flats.
Aspen’s flexible product also enables the property to be revalued post-planning to enable funding for 100% of the next stage of works, with the first draw in advance, all fully included in the initial facility.
The £402k light development bridging loan, which includes £100k works in arrears, was secured at 75% LTV on the lender’s stepped rate product at 0.54% over a 12-month term.
The case was handled from start-to-finish by Jamaal Mckoy, Underwriter and Loans Manager at Aspen.
Jack Coombs, Director at Aspen Bridging, said:
“This case is a great example of our light development bridging loan product in action, enabling a purchase and re-valuation post planning to provide flexible draw-downs, plus all fees and interest are charged only on drawn funds.
This gives the borrower the benefit of a supportive and flexible light development facility.”