Aspen has completed a £1.05m development exit bridge in just 10 days, enabling a returning customer to repay their existing term lender without penalty while raising additional funds for their next site purchase.
The experienced UK developer had recently completed four newbuild homes in Biggleswade, Bedfordshire, securing the £740,000 redemption against one four-bedroom detached house and using the remaining £310,000 to acquire new land.
The deal was completed at 75% loan-to-value (LTV), priced at 0.83% flat over a 10-month term.
The bridge will be repaid through the sale of the property, giving the developer additional time to achieve maximum value.
In line with Aspen’s one-person-per-case Customer Service Commitment, senior underwriter Laura Randall handled the case from start to finish.
Jack Coombs, chief operating officer at S&U PLC, parent company of Aspen, said: “It’s always a pleasure to welcome back a repeat customer, not only because it simplifies the process but because it is proof of our truly exceptional service levels.”
