Aspen Bridging completes £4.1m bridge-to-let loan for Surrey development

Aspen Bridging has completed a £4.1m Bridge to Let facility on a luxury new-build mansion in Surrey, collaborating with the experienced borrower to ensure a robust contractor agreement was finalised as a condition of funding.

Situated on the highly desirable Crown Estate in Leatherhead, the applicant had acquired the plot and self-funded the first phase of the project, delivering the main structure to a near wind and watertight condition.

An initial day-one loan of £1.2m will be used to repay the client’s current £900k outlay with the additional funds being used to progress works.

Further drawdowns of £2.9m are to be made available in arrears to cover the remainder of the build.

Underwriting Manager, Richard Tweddell worked with borrower throughout the application to ensure a formalised arrangement was put in place with the main contractor, helping provide clarity for onward project costs and timelines and ensure greater certainty in the delivery of the scheme.

Once complete the property will feature seven bedrooms, all with en-suite bathrooms, as well as a gym, cinema room with bar, multiple garages, pool, sauna and steam room. Final GDV is expected to be in excess of £10m.

The bridging loan was finalised at 0.83% per month over eighteen months, followed by the serviced BTL period at 7.49% per annum over two years. LTV starts at an initial 55%.

Richard said:

“At Aspen, a successful outcome for our borrowers is a successful outcome for us.

Working with experienced developers whilst offering advice, knowledge and first-class service means that we are able to support projects that are best structured for success from the outset.

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