Aspen Bridging has saved an experienced developer’s latest project after the previous lender kept delaying works by failing to provide further drawdowns in a timely manner.
Development of the 19th century, five-bedroom detached house with large swimming pool extension, courtyard and games room in Malpas, Cheshire commenced in May 2022 and still required over £500,000 in renovation works.
Aspen was able to move quickly and complete in 10 working days, agreeing a £1.275m total bridge comprising £900k to repay the existing lender, £200k to recommence works immediately and a further £175k pending the next development stages of the project.
The deal concluded at 75% (loan-to-value) LTV based on current market value, with the final Gross Development Value (GDV) rising to £2.5m.
The deal, which was taken from start-to-finish by Aspen underwriter Richard Tweddell, concluded on the lender’s Stepped Rate starting on an initial 0.49% per month over 10 months.
Jack Coombs, director at Aspen Bridging, said: “Throughout our loan book we are developing a large number of strong business relationships with experienced developers who come back to us time-and-time again. Why? Because we are quick to complete, engaged and transparent in every single deal.”
