Aspen Bridging structures innovative £6.3m two-product solution for developer

One developer, two prestige sites, 23 residential units, 17,000 square feet of floor space and £6.3m required ,all the numbers crunched by Aspen Bridging as they delivered an innovative two product solution in just five days.

In Bath, a beautiful high-end church conversion required a £3,900,000 overall facility with £2,500,000 released on day one and the remainder available to the developer to fund 100% of the works costs.

Starting at 80% LTV, the building will be turned into seven luxury one and two-bedroom apartments as well as a flagship three-bedroom penthouse.

Retained period fittings include the pulpit, organ, and stained glass window, with the centrepiece a historically accurate reinstatement of the original staircase.

With a prime central location and the additional purchase of a car park ensuring allocated spaces for every home, the refurbishment bridging loan was completed on Aspen’s flat rate of 0.83% on a 10-month term. Exit will be through sale of the apartments with three already agreed off-plan.

In Cheltenham, the developer had finished a complete redesign and refurbishment of an office building into 15 one and two-bedroom flats, all completed to an extremely high standard.

The lender’s £2.4m residential serviced buy to let facility allows the existing borrower additional time and complete flexibility for an unallocated number to be sold within the 12-month term, with the remainder exiting on a buy-to-let product and made available for rent.

The deal was completed at 70% LTV on a one-year term at 6.99% rate with 1.8% deferred.

In line with Aspen’s one-person-per-case customer service philosophy, both deals were taken from start to finish by Credit Manager, Sinead McMurray.

Jack Coombs, Managing Director at Aspen Bridging said:

“We’re proud to have delivered two tailored facilities that addressed very different requirements across two prestige sites.

By structuring a refurbishment bridge alongside our serviced buy to let offering, we provided the developer with the speed and certainty needed to keep both projects moving forward whilst still enabling the borrower the flexibility to pursue their best exit strategy.”

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