Aspen completes £1.125m bridging loan to finish HMO works and fund onward purchase
By Bridging Loan Directory
Aspen Bridging has completed a £1,125,000 development exit bridging loan to support an experienced developer in finalising their project and securing funds for an onward purchase.
The scheme involved the reconfiguration of a three-storey end-terraced house with a cellar in Clapham into a six-bedroom HMO. Additional time was required to address final snagging items and obtain the necessary local licence before the units could be let.
Aspen’s facility enabled the developer to refinance their existing lender at £720,000 ahead of term, complete the remaining works and raise further capital.
The deal was completed at 75% LTV at 0.78% Flat over 10 months. The client will apply for the HMO licence during the term, with the planned exit via refinance onto a longer-term product.
Consistent with Aspen’s one-person-per-case customer service philosophy, the application was managed from start to finish by underwriting manager, Richard Tweddell.
Richard said:
“With bridging finance, flexibility is essential. We structured the loan to ensure the developer had everything needed to complete the project and move forward with confidence.”
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