Aspen Bridging completes £2.1m bridging loan

By Bridging Loan Directory 14th April 2025

An experienced developer has avoided unnecessary default interest on an existing loan and secured extra time to obtain Building Control and sales thanks to a £2.1m, 28-day no valuation bridging loan from Aspen Bridging.

The project involves the construction of six high-spec one, two and three bedroom apartments in Pinner in the London borough of Harrow with a total value of £2.8m, equivalent to 74% LTV.

By moving quickly the lender ensured the original development loan was redeemed prior to any charges being administered. The deal was completed on Aspen’s Flat Rate at 0.79% over 10 months.

Exit will be achieved through the sale of all six units. The deal benefits from two agreed sales at a joint price of £1.1m, which will proceed immediately once building control sign-off is received.

Underwriting manager Richard Tweddell handled the deal from start to finish, in accordance with Aspen’s one-person-per-case customer service philosophy.

Richard said:

“We spoke to the broker and developer and took a commercial view on the status of building control sign-off, which will be realised in the not-too-distant future.

Once the situation was understood we moved quickly to ensure the existing development loan was redeemed before any charges were realised and agreed a 10-month term to give ample time to complete the sales and achieve maximum profit from the project.”