Aspen Bridging has arranged a £630,000 loan within 10 days to prevent a developer from missing a loan deadline for a project in Northwood, Middlesex.
The company’s credit analyst, Richard Coombs, visited the site over the weekend to assess the project, which still required water connections for two three-bedroom semi-detached houses.
The 55% loan-to-value (LTV) deal used Aspen’s Stepped Rate product, starting at a 0.55% monthly rate over a 12-month term. The developer plans to repay the loan through the sale of the properties.
Jack Coombs, director at Aspen Bridging, said: “This is bridging at its best, quick, unobtrusive and delivering all the outcomes required by the applicant.
“We will always go above and beyond with every application, that’s why good developers on quality projects trust us implicitly.”
Aspen Bridging’s updated 2023 Rates & Product Card reveals Flat Rates beginning at 0.89% with one month’s exit at 80% LTV, as well as rates of 0.89% at 75% LTV and 0.85% at 65% LTV. Stepped Rates start from 0.59% per month for the first six months, going up to 80% LTV.
