A developer in Surrey has cleverly utilised Aspen Bridging’s Finish & Exit product to both complete their current project and buy a further substantial plot of land for their next scheme.
The four-bedroom luxury detached house in the sought after location of Windsor Great Park was wind and watertight with a current value of £1.1m, requiring £350k of works to realise a gross development value of £1.8m.
Concurrently a larger plot of land in the same region had been noted for its development potential, so a facility of £1.2m was agreed at 0.61% per month initial rate with a term of 10 months.
The deal was made possible by Aspen’s time-based service excellence targets, with an illustration issued in minutes with credit-backed terms in three hours before instructing surveyors and solicitors in the next hour.
An Aspen underwriter met the developer onsite and quickly grasped the efficiency of the build team and the client’s bigger plan. Further rapid communication between the lender, broker Primus Finance and respective solicitors ensured a timely drawdown of funds. Commission was paid on the same day as completion.
Dave Fathers, head of Bridging & Development at Primus, said: “When this case came to us we immediately knew that Aspen’s Finish & Exit product would give our client the best leverage and rate needed to both finish their project and fund their next. A quick resolution ensured that works and purchase were not disrupted.”
The client added: “We were at a pivotal point during the scheme and required a fast and effective loan, Aspen and Primus delivered in all aspects. Their hands on approach delivered the desired speed and gains required, with special thanks to Harry at Aspen for pulling out all the stops.”
Aspen Bridging’s Finish & Exit bridge is available up to 80% LTV from day one with rates starting at 0.45% per calendar month. The term can run from eight to 12 months up to the lender’s maximum loan sizes of £4m net for portfolios and £2m net on single properties.
The product is available on wind and watertight developments, allowing drawdowns on revisit or building control sign-off, and will progress with no building surveyor required where works are sufficiently advanced as its underwriters will be present at valuation stage.
The product is also available throughout England and Wales with no restrictions on scheme type or works percentages and is offered to both corporate and individual borrowers.