An experienced developer nearing deadline to repay his existing facility has turned to Aspen Bridging for a £5.1m gross development exit loan.
The client was at the end of an existing development finance deal and had planned to move the two, two-bedroom apartments in South Kensington onto a long-term deal having completed the properties in late October.
When Mike Kelsey, head of sales for Yellow Stone Finance approached Aspen to explain the issue the developer had decided to sell the properties, and the lender agreed a flat rate bridge at 0.82% per month over 12 months at 69% LTV with zero early repayment changes.
The case was seen through to completion by Aspen’s Jack Coombs, director, Ian Miller-Hawes, head of sales and Aqib Iqbal, credit analyst.
Kelsey said: “Jack, Ian and Aqib have yet again provided us with a reliable and cost-effective solution for our client, who has used Aspen before. Brilliant process married with a great rate, what more could we ask for?”
Aspen’s 2022 rates and product card sees stepped rates from 0.49% and flat rates from 0.79%. The lender operates a maximum loan size of £10m net, up to 75% LTV and terms running from six to 24 months.
This year the company launched two innovative products, development exit & refurbishment and its award-winning bridge-to-let.
Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.
