Aspen completes £1.1m development exit bridging loan in 11 days

Aspen Bridging has completed a £1.1m development exit bridging loan in just 11 days, using its No Valuation product alongside its dual representation legal service to accelerate delivery.

The loan was secured against a high-end new-build mansion in Hale, on the border of Altrincham in Greater Manchester.

The six-bedroom, eight-bathroom detached property extends to 6,889 sq ft and includes a swimming pool with pool house, cinema room, gym, library, and multiple private terraces.

On day one, Aspen released £707,000, with £500,000 used to refinance an existing facility and £207,000 allocated to ongoing works.

A further £310,000 has been agreed and will be released in arrears to complete the project.

Despite the property’s high value and remaining construction works, the case progressed using Aspen’s award-winning No Valuation process, supported by its in-house RICS-qualified surveyors.

The development also involved outstanding planning matters, following design amendments made mid-build to maximise the final value.

Aspen took a holistic view of the scheme and deployed its dual representation legal service to streamline the legal process, enabling completion in under two weeks.

The facility completed at 40% LTV on Aspen’s stepped rate, starting at 0.35% per month over a 12-month term. Exit will be achieved through sale of the property, with a final GDV of circa £4.5m.

In line with Aspen’s one-person-per-case approach, the transaction was managed end-to-end by Underwriting Manager Richard Tweddell.

Richard Tweddell commented:

“Aspen very much subscribes to the idea that good business is good business.

When we see an experienced developer delivering a high-quality scheme with a clear route to completion, we act quickly and focus on getting the deal done.”

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