Aspen competes multi-million pound finish and development exit deal
Aspen has finalised its second multi-million-pound bridge in as many weeks, completing a £3,375,000 finish and development exit loan for five detached houses, three of which were part-finished, in Bedfordshire.
With the build having been significantly delayed by Covid, the developer was reaching the end of their current facility with £400k of works remaining and required funds to clear the existing finance, complete the properties and allow sufficient time for marketing to realise maximum value.
The bridge, introduced to Aspen by George Wells at Finspace Group, was secured at 70% LTV on the lender’s Flat Rate product over a 12-month term and the case was handled from start-to-finish by Saif Khalique, senior underwriter at Aspen Bridging.
The Bedfordshire deal comes hot on the heels of a £4.55m development exit bridge on one of the UK’s first private domestic passivhaus developments in Faversham, Kent.
Passivhaus represents an entirely modern and different method of construction to achieve exemplary eco-friendly results, which ultimately requires an in-depth knowledge of how building certification impacts on both the valuation and legal processes.
Jack Coombs, director at Aspen Bridging, said: “We are excited to be working together with Finspace in helping this excellent developer, whose three-phase multi-unit project we are proud to be financing.
“Finish and development exit cases come in all shapes and sizes, and with our competitive offering up to £5m, our flexibility and understanding of the issues, we expect this pipeline to increase through 2021.”
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.