Aspen has concluded a £6m Finish & Exit bridge at 75% loan-to-value (LTV) for a substantial Georgian Stucco residence located in Kensington, London. This deal is the latest of Aspen’s engagements with high-end property developments in the city.
The loan facilitates the developer, who has already undertaken significant construction, to cover an existing £5m loan and access an additional £1m for further development costs.
The end-of-terrace mansion, sprawling over six storeys and 5,500 square feet, is set to feature seven bedrooms, seven bathrooms, a lift, spa facilities, and a private cinema.
With a Gross Development Value (GDV) of £11m, the strategy for the property involves a sale to achieve an exit.
Aspen’s commitment to personalised service was showcased through underwriting manager Saif Khalique, who single-handedly managed the deal from inception to completion, applying a flat rate of 0.95% over a 12-month period.
This transaction underscores Aspen’s increasing portfolio in ultra-luxury properties, following a significant £7.15m Refurbishment bridge in Belgravia, noted as one of the country’s top-valued private redevelopment projects.
Jack Coombs, director at Aspen Bridging, said: “We have a strong appetite for high-value Refurbishment and Finish & Exit loans and we are winning the trust of brokers and experienced developers. Our strong equity funding and commitment to service makes us the go-to lender in this space.”
Aspen Bridging’s 2023 Rates & Product Card reveals competitive rates, with Flat Rates starting at 0.89% plus one month’s exit at 80% LTV, and reduced rates for lower LTV brackets.
Stepped Rates commence at a monthly 0.59% for the first half-year, extending across all product types up to 80% LTV.
