Aspen Bridging completes 80% LTV development exit bridging loan

By Bridging Loan Directory 4th April 2022

Aspen Bridging has completed a complex 80% LTV development exit bridging loan at £1,260,000 on a substantial Grade II listed property in Lincolnshire.

Comprising seven high-end apartments made up of one, two and three-bedrooms in Sleaford, the experienced developer required £960,000 to clear an existing facility and £300,000 in arrears to finish works.

Completed in under two weeks, the case involved substantial due diligence within a very short timeframe due to the technical nature of renovating a listed property and the legal procedures involved.

The deal, which was handled from start to finish by Aqib Iqbal, Credit Analyst at Aspen, was competed on the lender’s flat interest rate of 0.79% over a 12-month term and will be exited by refinance once the development is complete.

Jack Coombs, Director, Aspen Bridging, said:

“We are seeing substantial demand for our 80% refurbishment and development exit product, and this case is a great example of our appetite to overcome complex barriers, move quickly and deliver for our clients.”