Aspen Bridging completes 82.5% LTV development exit bridge for £3.3m
Aspen Bridging has worked in partnership with property crowdfunding investment firm, Crowd With Us (CWU) to complete an 82.5% LTV development exit case at £3.3m.
The deal, which was finalised from 0.59% on a 10-month term as a number of sales are due to imminently complete, saw Aspen lend £2.735m and hold first charge against the development site while CWU raised £595k as mezzanine support.
The client, an experienced developer, was coming to the end of his term finance and faced a potential addition charge of circa £200k if the completion deadline was missed. Funds were required to complete a site consisting of seven converted flats and seven newbuild houses in Malvern, Worcestershire.
Adam Minney, advising the clients, understood immediately that the case suited their criteria and introduced the case to Aspen. He said:
“Having dealt with Aspen before I knew they would work quickly and efficiently, between us we came up with a solution to every problem encountered.”
In-line with Aspen’s time-based service excellence targets, an illustration was provided in 15 minutes with a formal DIP in three hours. Jack Coombs, Director at Aspen Bridging then visited the site the following morning to review the security and fully understand the client’s needs. The case was completed within the timeframe.
The company’s close relationship with CWU enabled the business to offer a seamless underwriting approach based of shared data and joint reliance.
Aspen’s solicitor, Stephen Evans Jones at Fieldfisher, worked tirelessly to get it completed and also reduced undertaking to help speed up the legal process and reduce the upfront cost for the client.
Jack Coombs said:
“This was a great case study for our Finish and Exit product and together with our partners we were able to deliver the right result for a developer operating against the clock.”