Aspen has completed a £6.95m Light Development loan at 75% loan-to-value (LTV) in just five days on a super-prime near-complete project in Kensington, London.
The developer plans to complete the total transformation of a large end-of-terrace luxury townhouse comprising seven-bedrooms over seven floors to an impeccably high standard including spa and lift.
An initial £6.75m was released to redeem the development lender, with a further £200,000 available to drawdown later in the project to allow for the completion of the works.
The deal was agreed on Aspen’s Flat Rate at 0.95% over 10 months.
Exit will be achieved by refinancing onto a buy-to-let mortgage once the project is complete.
The application was taken from start-to-finish by head of underwriting, Saif Khalique.
Khalique said: “We have completed several Light Development bridges for super-prime London properties this year, it is definitely an area where our understanding of high-end development projects and exceptional service levels are being truly appreciated by these select developers.
“Being able to complete the application from submission to the release of funds within just five days is raising the bar to new heights, there is no limit to what our team can deliver for our customers.”
