Aspen has completed a £1.6m heavy refurbishment bridge for a Chinese national developer which includes over half-a-million pounds in works, representing 100% of the total works cost.
The applicant required £1.08m upfront to refinance their existing lender and commence development of the property in Barnes, South-West London which involves a complete remodelling of a period block to revert four flats back into one large luxury dwelling.
The plans involve a number of sizeable extensions and basement excavations which will further add to the existing 3,000 sq ft footprint.
Completed at an initial loan-to-value (LTV) of 75%, the remaining £520,000 will be made available as the project progresses with the final gross-development-value (GDV) expected to be in the region of £3,000,000.
The lender also ensured that assistance was given when they were made aware of a planning breach relating to the configuration of the basement.
Aspen’s team provided ongoing guidance and expertise to ensure that retrospective planning was granted prior to release of funds.
The deal was completed on the lender’s flat rate at 0.84% over 18 months.
Exit will be achieved through sale of the completed project.
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.
Twedell said: “This is a considered, highly profitable project by an experienced overseas property professional who understands the scale of the of works involved.
“We are always here to support experienced developers – both domestic and foreign – and are happy to share our knowledge and expertise when challenges arise, as we did in working with the borrower in helping to secure retrospective planning permission on this deal.”
