Aspen Bridging completes three 80% LTV deals in just seven days
Aspen Bridging has completed three 80% LTV deals in just seven days for a combined total of over £3.5m.
First to drawdown was a £2,320,000 refurbishment bridging loan on five four-bedroom houses on a former farm in Northumberland.
Originally a development exit case, the deal had to be hastily reconfigured after one of the sales fell through meaning extra security was required, above which construction delays meant a refurbishment bridge was needed to allow work in arrears.
Aspen restructured the terms to address the client’s changing needs with only four days to meet the necessary completion, with the deal concluded on the lender’s flat interest rate at 0.90% per month over an eight month term with exit via sale of the properties.
The company also completed development exit loans for £696,000 on two three-bedroom bungalows near Bude, Devon and £580,000 on a four-bedroom detached house in Caterham, Surrey.
The cases were secured on Aspen’s stepped rate starting at 0.65% and 0.69% respectively, both over 10 month terms, with exit to be realised through sales.
Jack Coombs, Director at Aspen, said:
“Our 80% LTV offering remains largely unmatched in the marketplace as we have 100% equity funding, a proven track record and huge experience to deliver at this level.
This is why proven developers trust us implicitly when they need to secure our advertised rates.”