Aspen Bridging rescues development project with £1.4m bridging loan

By Bridging Loan Directory 4th December 2024

When a bridging lender dropped a developer’s advanced refinance plans out of the blue, Aspen Bridging stepped in to rescue the project with a £1,424,500 residential bridging loan which it completed in just six weeks.

The client had already undertaken over £300,000 worth of works to remodel the five-bedroom, four-bathroom detached house in Streatham, London and required the funds to exit an existing finance deal as well as complete the project before marketing the property.

Aspen took the initiative and used a previously issued valuation report to get the loan proceeding swiftly and efficiently with funds released on the required day, thereby avoiding any penalties imposed by the previous lender or works delays.

The deal was completed at 70% LTV on Aspen’s Flat Rate at 0.94% over 10 months.

Exit will be through sale of the property and land, which is large enough for any purchaser to erect a separate dwelling if desired.

In line with the lender’s one-person per-case Customer Service Commitment the deal was taken from start to finish by Senior Credit Analyst, Sinead McMurray.

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

“Our equity funded structure ensures that when we commit to a project the money is there to lend as we are the decision-makers, we simply offer a level of honesty and reliability that unfortunately some other bridging lenders can’t match.

“This is a considered project by an experienced developer, and our appetite to support such business has and will continue to be at the heart of our lending philosophy.”