Aspen Bridging completes £5.2m bridging loan on listed properties

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bridge to let heavy works

Aspen Bridging has completed a £5.2m heavy works bridge to let bridging loan at 75% LTV, inclusive of 100% works funding at £2m, for an experienced developer purchasing and converting two Grade I listed properties.

The projects will see the first building in Bristol converted into a house, and the second in Bath into multiple apartments and commercial units. The overall GDV is £8m.

The lender’s product is designed to give the developer maximum flexibility during refurbishment works, enabling planning alterations and the option to transfer onto the cheaper bridge to let term early after finishing works.

At present the developer plans to exit by way of selling the house and refinancing the semi-commercial building.

The deal was completed over a 24-month term, with the initial 12-month bridge loan on a flat interest rate of 0.64% pm followed by a 12-month BTL period at 4.49% pa.

The borrower said: “Aspen vastly exceeded expectations regarding speed, flexibility and responsiveness.

Very impressed all round, we’ll certainly work with them again.”