Aspen Bridging loan saves developer’s project from delays

By Bridging Loan Directory 27th September 2022

Aspen Bridging took just 14 days to complete an 80%, £760k gross bridge to let loan and save the developer’s latest project from further costly delays.

The applicant, who is developing a Grade II listed brown brick terraced building into four flats in Bath, Somerset was coming to the end of his term deal with no prospect of agreeing an extension despite the building work remaining unfinished following interruptions during lockdowns.

Ian Miller-Hawes, Head of Sales at Aspen Bridging received the application and, in-line with the lender’s one-person-per-case service promise, agreed to visit the property and developer as soon as possible to understand the issues and move the process along quickly.

The deal was completed over an 18-month term, with the initial nine-month bridge loan on a flat interest rate of 0.79% pm followed by a nine-month bridge to let period at 4.74% pa.

Exit will be through sale of the apartments.

Steve Barrett, Director at South West Business Finance (SWBF) said:

“We were delighted to work with Aspen who were efficient from start to finish and really demonstrated their knowledge and expertise in funding a Grade II listed building in Bath.”