Aspen has supplied a super-prime ‘No Valuation’ bridge in just nine days for a property professional urgently requiring £1,575,000 to secure their next development in Regent’s Park and complete a project in Fitzrovia.
Over £1.55m was allocated to facilitate the onward purchase of the experienced developer’s next project, a three-bedroom stucco house.
The remaining £25,000 is being used to complete an extensive multi-year refurbishment project, which is weeks away from finishing and will have an estimated gross-development-value (GDV) of £2.3m.
In-line with Aspen’s one-person-per-case customer service philosophy, the deal was taken from start-to-finish by credit manager, Sinead McMurray.
The deal was completed on Aspen’s Stepped Rate at an initial 0.55% over a 10-month term.
Exit will be via refinance of the security property once the limited remaining works are complete.
McMurray said: “This deal involves a serial developer who has a dedicated team who have worked on numerous super-prime projects over the last five years, and naturally we were happy to step in and become a partner in this truly compelling property success story.”
