Aspen Bridging completes bridging loan in ten days
Aspen Bridging has saved an experienced developer’s latest project after the previous lender kept delaying works by failing to provide further drawdowns in a timely manner.
Development of the 19th century, five-bedroom detached house with large swimming pool extension, courtyard and games room in Malpas, Cheshire commenced in May 2022 and still required over half a million pounds in renovation works.
Aspen was able to move quickly and complete in 10 working days, agreeing a £1.275m total bridge comprising £900k to repay the existing lender, £200k to recommence works immediately, and a further £175k pending the next development stages of the project.
The deal concluded at 75% LTV based on current market value, with the final Gross Development Value (GDV) rising to £2.5m.
The deal, which was taken from start to finish by Aspen underwriter Richard Tweddell, concluded on the lender’s stepped rate starting on an initial interest rate 0.49% per month over 10 months.
Jack Coombs, Director, Aspen Bridging, said:
“Throughout our loan book we are developing a large number of strong business relationships with experienced developers who come back to us time and time again.
Why? Because we are quick to complete, engaged, and transparent in every single deal.”