Aspen Bridging has swiftly delivered a £1.65m Development Exit bridge at 80% loan-to-value (LTV) for a developer in Lychett Matravers, Dorset, who needed to quickly free up equity following a last-minute sale collapse.
The developer, who constructed two new four-bedroom homes, intended to exit their current finance agreement through a sale. However, the unforeseen fall-through necessitated a bridging loan to clear the existing development loan and allow more time for a controlled sale.
The financing, completed in just 20 days, was secured through Aspen’s Stepped Rate product at an initial rate of 0.69% per month over 10 months. Aspen prides itself on its Customer Service Commitment, with this deal being managed from start to finish by credit analyst Richard Coombs.
Coombs said: “This is exactly the kind of situation that our Stepped Rate product is designed for, a quick solution to an unforeseen situation that ultimately puts the client in control.”
Aspen Bridging offers a variety of rates and products, including Flat Rates starting at 0.89% with one month’s exit at 80% LTV, and Stepped Rates beginning at 0.55% per month for the first six months, applicable across all product types and available up to 80% LTV.
