A property developer looking to transform a centrally-located Liverpool office block into a first-class hotel is flying high thanks to a £1.32m bridging loan with Apsen Bridging.
The applicant, who already owned the building, was required to refinance their existing debt by the previous lender as the new asset was classed as a non-core business activity. This required a change of use via planning to convert the site into a hotel to bring it in line with the rest of their business.
In line with the company’s time-based service excellence targets the case was underwritten in three hours with an Aspen underwriter visiting the property with the borrower and the valuer in four days.
The case was completed in a timely manner to ensure their currently lender’s refinance deadline was met. Subsequently this allowed the borrower’s planning application for change-of-use to be approved.
The final deal was concluded at 72.5% LTV over 10-months with a front end rate 0.55% for the first five months.
Jack Coombs, Director at Aspen Bridging said:
“This is a case example of how bridging can solve a multitude of clients’ requirements, and how the flexibility and one-to-one service we provide allowed us to get into the finer details with the broker and client so we could lend on the project’s true potential.”