Aspen Bridging completes £2m development exit bridging loan in 11 days

Aspen Bridging has completed a ‘staycation’ application for a repeat customer who required a £2m development exit loan for a seaside project in Looe, Cornwall.

Utilising their award-winning No Valuation product to ensure completion in just 11 days, the highly experienced developer needed £1,550,000 to refinance an existing facility with the remaining £450,000 a part capital raise for their next scheme.

Overlooking the coastline, the project comprises two luxury seaside holiday residences built into the rock face.

Both include four bedrooms and four bathrooms and measure 3,800 square feet each. The houses are split over five floors to include cinema and games rooms as well as internal garages.

With only snagging work to finish, total GDV is expected to surpass £3m.

The deal was completed at 70% LTV on the lender’s flat rate at 0.74% over 10 months. Exit will be achieved through sale of the properties.

Consistent with Aspen’s one-person-per-case customer service philosophy, the application was managed from start to finish by Head of Underwriting, Saif Khalique.

Saif said:

“Repeat custom is the surefire sign of wonderful service.

The previous deal with the applicant was a residential refinance for an earlier project, which was also on a tight deadline, so they returned to us knowing that we would deliver without fault.”

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