Aspen Bridging funds £2.6m development exit loan

By Bridging Loan Directory 1st August 2024

A developer whose latest project has been held-up awaiting full building control sign-off has bought valuable time thanks to a £2.6m development exit loan from Aspen Bridging.

The project, a block of nine newly completed two-and-three bedroom apartments over five floors in Purley, Surrey only requires minor snagging work, but an application with the local council to drop the kerb for vehicle access into the block’s underground parking has delayed completion of the project.

With the developer coming to the end of their current development finance product, the bridging loan will allow all works to be completed and approved after which the outstanding amount will be refinanced onto a buy-to-let facility as they retain the assets.

The deal was completed on Aspen’s stepped rate, starting at 0.59% per month over 10 months.

In-line with the lender’s one-person per-case Customer Service Commitment the deal was taken from start-to-finish by Senior Underwriter, Richard Tweddell.

Ian Miller-Hawes, Sales Director at Aspen Bridging, said:

“A fantastic project, an experienced developer and a good loan size, this application ticks all the right boxes.

Sometimes external forces get in the way of organised schemes and that is where we can step in and help our customers.

Our track record with experienced developers is second-to-none, we work hard to understand every project so we can advise accordingly.

This year alone we have completed bridges from £250k all the way through to plus £8m with every developer, regardless of size, receiving a best-in-class service.”