Aspen completes complex 80% development exit bridge
Aspen has completed a complex 80% LTV development exit bridge at £1,260,000 on a substantial Grade II listed property in Lincolnshire.
Comprising seven high-end apartments made up of one, two and three-bedrooms in Sleaford, the experienced developer required £960,000 to clear an existing facility and £300,000 in arrears to finish works.
Completed in under two weeks, the case involved substantial due diligence within a very short timeframe due to the technical nature of renovating a listed property and the legal procedures involved.
The deal, which was handled from start-to-finish by Aqib Iqbal, credit analyst at Aspen, was competed on the lender’s flat rate of 0.79% over a 12-month term and will be exited by refinance once the development is complete.
Jack Coombs, director at Aspen Bridging, said: “We are seeing substantial demand for our 80% refurbishment and development exit product, and this case is a great example of our appetite to overcome complex barriers, move quickly and deliver for our clients.”
Aspen recently launched its 2022 rates and product card with a new development exit & refurbishment product with up to 80% LTV for experienced developers with clean credit. Across its range flat rate products start from 0.64% pm and stepped rates from 0.39% pm.
Aspen also entered the bridge-to-let (BTL) market with an innovative product designed to offer wider use flexibility and lower ERC’s than existing BTL or hybrid offerings. It is available up to 80% LTV with bridge rates starting at 0.64% pm and BTL rates of 4.49% pa.