Aspen Bridging completes £6.5m development exit bridging loan

By Bridging Loan Directory 9th May 2024

Aspen Bridging has provided a £6.5m development exit bridging loan to several experienced developers, enabling the redemption of the development lender and freeing up equity in a capital raise to use towards their next project.

The loan was secured against 30 one-to-three bedroom apartments in a site comprising 42 units within walking distance of the high street and parks in the thriving town of Reigate, Surrey.

Aspen funded the full amount on day one, prior to practical completion sign-off, having been satisfied that remaining substation works were well progressed.

The 71% LTV deal was completed on Aspen’s flat rate at 0.94% per month over 12 months with no exit fees or minimum interest.

Exit will be achieved through a combination of sale and refinance of the 30 apartments with a number of them already sold STC.

In line with the lender’s one-person per-case customer service commitment the deal was taken from start-to-finish by credit analyst, Richard Coombs.

Richard said:

“This was a great case to work on, and a prime example of how established developers use bridging loans to ensure the seamless continuation of their works and projects.”