Aspen Bridging completes £630k development exit loan in ten days


development exit bridging loan

Aspen Bridging used its no valuation product and a weekend visit to ensure a £630k facility was completed in 10 days so a developer avoided going overdue on an existing development loan.

With a strict 10-day deadline the company’s credit analyst, Richard Coombs went to inspect the project on a Saturday and speak to the applicant who needed time to finish the properties.

Water connections were still to be completed and then market the two three-bedroom semi-detached houses in Northwood, Middlesex.

The 55% LTV deal was completed on Aspen’s stepped rate product, starting at 0.55% over a 12-month term. Exit will be achieved through sale of the properties.

Jack Coombs, Director at Aspen Bridging, said:

“This is bridging at its best, quick, unobtrusive and delivering all the outcomes required by the applicant.

We will always go above and beyond with every application, that’s why good developers on quality projects trust us implicitly.”