Aspen Bridging completes £7.15m bridging loan on Belgravia apartment
Aspen Bridging has completed a £7,150,000 heavy refurbishment bridge on an ultra-luxury property in the heart of Belgravia, with the cost of works making it currently one of the most high value private redevelopments in the UK.
With an initial drawdown of £4,760,000 to assist with the purchase, 70% LTV of its current value, a further £2,390,000 is available to drawdown to completely modernise the 4,062 square-foot apartment which is set over four floors in a classic Belgravia Cubitt building overlooking Belgrave Square.
The Gross Development Value is over £11m.
In line with Aspen’s customer service commitment, the deal was taken from start to finish by underwriter, Richard Twedell, with the deal completed on the company’s flat rate product at an interest rate 0.94% over 18 months.
Exit will be achieved through sale of the property.
Jack Coombs, Director at Aspen, said:
“This is an amazing project in one of the most desirable postcodes in the UK, the end result will be spectacular.
This bridge again highlights the fact that our appetite to assist good developers on quality projects is second-to-none.”