Aspen has completed a £1.14m no valuation bridge in just three weeks on a 10-bedroom ‘party house’ in North Devon.
Berry House in Bideford is a large Georgian farmhouse that can accommodate up to 24 people, with the site also having several holiday-let cottages and outbuildings.
Having undergone significant development, the applicant required immediate funds to clear the existing finance facility as they risked incurring significant fees if not refinanced in time, as well as allow extra time for marketing and sale of the main property.
The deal was completed at 72% loan-to-value (LTV) on Aspen’s Flat Rate at 0.89% over 18 months.
Exit will be through sale of the property, while holiday lets on-site continue to generate income and other outbuildings are also sold off.
The deal was taken from start to finish by underwriter Wasif Khan.
Ian Miller-Hawes, sales director at Aspen Bridging, said: “Speed was of the essence so the developer could avoid a hefty fine on their existing finance agreement, so our no valuation product was the ideal solution.
“This case study really emphasises the fact that we are willing to deploy this unique product even on properties that are highly unusual and one-of-a-kind.”
