Aspen Bridging delivered a £2.1m, 28-day ‘No Valuation’ bridge to developer looking to avoid unnecessary default interest on an existing loan.
The project involved the build of six high-spec one, two and three bedroom apartments in Pinner in the London borough of Harrow with a total value of £2.8m, equivalent to 74% loan-to-value (LTV).
By moving quickly the lender ensured the original development loan was redeemed prior to any charges being administered.
The deal was completed on Aspen’s Flat Rate at 0.79% over 10 months.
Exit will be achieved thought sale of all six units, with the deal benefiting from two agreed sales at a joint price of £1.1m which will proceed immediately once Building Control sign-off is received.
In-line with Aspen’s one-person-per-case customer service philosophy the deal was taken from start-to-finish by underwriting manager, Richard Tweddell.
Tweddell said: “We spoke to the broker and developer and took a commercial view on the status of Building Control sign-off, which will be realised in the not-too-distant future.
“Once the situation was understood we moved quickly to ensure the existing development loan was redeemed before any charges were realised and agreed a 10-month term to give ample time to complete the sales and achieve maximum profit from the project.”
