Aspen Bridging has completed a £1,130,000 development exit loan in just 14 days.
The recently modernised and extended five-bedroom, four-bathroom detached property on a half acre plot in Esher, Surrey, still had some pre-commencement conditions outstanding relating to the original planning permission, and the applicant was submitting a new application to have these resolved.
The deal was completed at 75% loan-to-value (LTV) on Aspen’s Flat Rate at 0.89% over 12 months.
The new planning application was subsequently approved and the borrower has a sale going through on the unit.
In-line with the lender’s one-person per-case customer service commitment the deal was taken from start-to-finish by senior underwriter, Richard Tweddell.
Ian Miller-Hawes, sales director at Aspen Bridging, said: “This is a prime example of how we are willing to work closely with proven developers, understand their projects and any outstanding issues, then work hard to resolve these and deliver the best financial solution.
“We welcome all complex cases.”
