Aspen bridge saves developer’s purchase in red-hot market
A property development firm has used Aspen Bridging’s Light Development product to secure its latest investment and fund its conversation ahead of several bidders in a popular area of Greater London.
The three-bedroom semi-detached property in Harrow received several offers within weeks of going on the market, and a reliable turnaround from application to completion ensured the owner didn’t sell to another buyer.
Moving forwards the developer will complete a loft conversion funded by Aspen whilst obtaining planning for a single rear extension and the creation of two flats.
Aspen’s flexible product also enables the property to be revalued post-planning to enable funding for 100% of the next stage of works, with the first draw in advance, all fully included in the initial facility.
The £402k Light Development bridge, which includes £100k works in arrears, was secured at 75% LTV on the lender’s Stepped Rate product at 0.54% over a 12-month term.
The case was handled from start-to-finish by Jamaal Mckoy, underwriter and loans manager at Aspen.
Jack Coombs, director at Aspen Bridging, said: “This case is a great example of our Light Development product in action, enabling a purchase and re-valuation post planning to provide flexible draw-downs, plus all fees and interest are charged only on drawn funds. This gives the borrower the benefit of a supportive and flexible light development facility.”
Aspen’s ratecard offers a Stepped Rate of 0.44% and a Flat Rate of 0.74%. They are available across all products up to a maximum loan size of £5m net and 75% LTV across 6-18 months.
The Rapid Desktop Valuation bridging product was introduced so cases can be completed in as little as two working days, and its Light Development product is available up to 75% LTV with 100% cost of works in arrears.
Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.