Aspen completed a £6.3m dual facility across two sites in Bath and Cheltenham in five days, providing funding for 23 residential units with a total of 17,000 square feet.
In Bath, Aspen delivered a £3.9m facility for a church conversion which included £2.5m released on day one.
The remaining funds were used to pay for 100% of the works.
The development will turn the building into seven apartments and a three-bedroom penthouse, with original features such as the pulpit and stained glass window retained.
The refurbishment bridge was completed at 80% loan-to-value (LTV) on a 10-month term at a flat rate of 0.83%.
The developer plans to exit through the sale of the apartments, with three already agreed off-plan.
In Cheltenham, a £2.4m residential serviced buy-to-let (BTL) facility was arranged for a converted office building with 15 flats.
This allowed the borrower time to sell some of the units within a 12-month term, with the remainder moving onto a BTL product for rent.
The deal was completed at 70% LTV on a 1-year term at a 6.99% pay-rate with 1.8% deferred.
The BTL product was only available after an initial bridge period.
Both cases were managed from start to finish by Sinead McMurray, credit manager at Aspen.
Jack Coombs, managing director at Aspen Bridging, said: “We’re proud to have delivered two tailored facilities that addressed very different requirements across two prestige sites.
“By structuring a refurbishment bridge alongside our serviced Buy to Let offering, we provided the developer with the speed and certainty needed to keep both projects moving forward whilst still enabling the borrower the flexibility to pursue their best exit strategy.”
