Specialist lender Aspen has completed a £7.15m heavy refurbishment bridge for a private redevelopment in Belgravia, London.
The initial drawdown was £4,760,000, to assist with the purchase of the property – 70% loan-to-value (LTV) of its current value.
A further £2,390,000 was made available to drawdown to modernise the 4,062 square-foot apartment.
The gross development value (GDV) was over £11m, and exit will be achieved by the sale of the property.
The deal was taken from start to finish by underwriter Richard Twedell, and the deal completed on Aspen’s flat rate product at 0.94% over 18 months.
Jack Coombs, director at Aspen, said: “This is an amazing project in one of the most desirable postcodes in the UK, the end result will be spectacular.
“This bridge again highlights the fact that our appetite to assist good developers on quality projects is second-to-none.”
