Aspen has completed a £1.7m development exit bridge at near 80% loan-to-value (LTV) in just 20 days, with offer acceptance to completion being turned around in 72 hours.
The developer, a returning Aspen customer, wanted to acquire funds to enable a controlled sales process on a completed three-unit new-build development comprising two bungalows and a four-bedroom house in Droitwich Spa, Worcestershire, while also raising additional capital to invest into its next project.
The deal was finalised on the lender’s Stepped Rate product, at an initial 0.65% over 12 months. Exit will be through sale of the properties.
In-line with Aspen’s Customer Service Commitment the deal was taken from start-to-finish by Laura Randall, senior underwriter at Aspen Bridging.
Rory Cleary, head of sales at Aspen Bridging, said: “Being an existing customer, the developer already has first-hand experience of our excellent customer service, streamlined processes and desire to move to completion as seamlessly as possible.
“The new year has started very brightly, and the pipeline is strong, it includes a large number of developers who are looking at market conditions and thinking about the best time to sell to realise maximum profits from their projects.
“Our Stepped Rate product proves popular for developers who will exit via sale of properties as it offers the flexibility to repay the bridge early, if so desired.”
