Aspen combines three developments in £5m bridge deal

A heavy works conversion in Cheltenham, and a church redevelopment and nearby brownfield land purchase in Bath, have been brought together by Aspen under one £5,625,000 refurbishment bridge.

Despite all three projects having been visited and ready to complete, drawdown was delayed until planning approval had been granted for the church conversion, at which point the lender released funds on the very same day.

The site in Cheltenham will see a building of 18 flats reconfigured to create an enhanced offering of 15 luxury one- and-two-bedroom apartments.

The church in Bath is being converted into eight one-, two- and three-bedroom units with the additional land purchase providing parking spaces for the new tenants.

The 65% loan-to-value (LTV) deal was completed on Aspen’s Flat Rate at 0.94% per month over 16 months.

The exit will be achieved through completion of all works and sale of several units, with the apartments in Bath being sold off-plan and the penthouse already reserved.

Ian Miller-Hawes, sales director for Aspen Bridging, said: “We excel in introducing simplicity into complex cases.

“Here we have three separate sites which all have various levels of required works, an intricate investor structure, and an all-too-familiar planning hold-up yet we still have everything in place to release the funds the second the applicant requires.

“Our service levels truly are second-to-none.”