Aspen Bridging has provided a £855,000 multi-use refurbishment facility for a project in Golders Green, to cover an existing finance agreement, recommencement of works and further drawdowns.
With a final gross-development-value of £1.6m, the agreement represented 76% loan-to-value (LTV) of current and 62% LTV of final value.
The North London development comprises an end-of-terrace house being reconfigured into three self-contained apartments with the developer requiring £535,000 to redeem the existing lender, £60,000 upfront for works to begin immediately and £260,000 available in drawdowns to complete the project.
The deal was completed on Aspen’s flat rate at 0.87% over 12 months.
Exit will be achieved through sale of the flats.
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: “This is superb conversion project and one we were excited to support. We could see that this was a good development with great potential for profit.
“We created a strong understanding of what was required to complete the works with the borrower and are confident of the path to success.”
