Aspen Bridging provides £1.16m development exit facility

By Bridging Loan Directory 22nd February 2021

Aspen Bridging has completed its first deal on its new 2021 ratecard, and in the process helped a developer complete an imminent stage payment on a second site before it fell through.

Taking just 10 days from application to completion, the client required a £1.16m development exit facility secured against three newbuild detached homes in Kent, at an average of £600k per dwelling, to assist with an urgent stage payment for the purchase of another new development site.

To ensure the case was turned around as quickly as possible Senior Underwriter, Prabhat Talwar visited the properties within two working days of the application landing and ensured a RICS Red Book valuation was the returned within the next 48 hours. Aspen then confirmed the offer that same day.

The deal was finalised at 60% LTV with no PG at Aspen’s new 0.74% flat rate over six months.

Jack Coombs, Director at Aspen said:

“Since we increased our maximum loan amount at the start of the year and introduced our new ratecard early February, the number of applications and people visiting our new innovative broker-focused website increased exponentially.

This is why we have undertaken a recruitment drive to meet demand, and this case is an excellent example of our continued flexibility and speed to enable good borrowers to achieve their aims at attractive pricing and within a tight deadline.”