Aspen supports development project with £1.4m residential loan

When a bridging lender dropped a developer’s advanced refinance plans, Aspen stepped with a £1,424,500 residential loan, which it completed in just six weeks.

The client had already undertaken over £300,000 worth of works to remodel a 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 used a previously issued valuation report to get the loan proceeding swiftly with funds released on the required day, avoiding works delays or penalties imposed by the previous lender.

The deal was completed at 70% loan-to-value (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 a purchaser to erect a separate dwelling if desired.

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.”