Aspen Bridging completes £1.65m development exit loan

By Bridging Loan Directory 13th February 2024

Aspen Bridging finalised a rapid £1,650,000 development exit bridging loan at 80% LTV when an experienced developer required a quick release of equity after a proposed sale fell through at the eleventh hour.

Having built two new four-bedroom houses in the Dorset village of Lychett Matravers, the developer planned to exit their existing finance agreement through the sale but then found themselves requiring a bridging loan to redeem their existing development loan whilst also allowing further time for a controlled sales process.

The deal, which was finalised in just 20 days, completed on the lender’s stepped rate product at an initial 0.69% per month over 10 months.

In-line with Aspen’s Customer Service Commitment the deal was taken from start-to-finish by Richard Coombs, Credit Analyst at Aspen Bridging.

Richard said:

“This is exactly the kind of situation that our stepped rate product is designed for, a quick solution to an unforeseen situation that ultimately puts the client in control, giving them the flexibility to repay the bridge early if they so decide.”