Aspen £5.1m bridging loan saves developer following offer withdrawal


development exit bridge

An experienced developer nearing deadline to repay his existing facility has turned to Aspen Bridging for a £5.1m gross development exit loan.

The client was at the end of an existing development finance deal and had planned to move the two, two-bedroom apartments in South Kensington onto a long-term deal having completed the properties in late October.

When the broker approached Aspen to explain the issue the developer had decided to sell the properties, and the lender agreed a flat rate bridging loan at an interest rate of 0.82% per month over 12 months with zero early repayment changes.

The case was seen through to completion by Aspen’s Jack Coombs, Director, Ian Miller-Hawes, Head of Sales and Aqib Iqbal, Credit Analyst.

Mike Kelsey, Head of Sales for Yellow Stone Finance, said:

“Jack, Ian and Aqib have yet again provided us with a reliable and cost-effective solution for our client. Brilliant process married with a great rate, what more could we ask for?”