An experienced developer who changed plans mid-build to maximise final sale value has revieved a £1,475,000 development exit bridge from Aspen.
Having already spent £500,000 to buy the land and create the shell of a newbuild six-bedroom house with 7,500 square feet of floor space in Stone, Staffordshire the applicant submitted revised planning and required extra time for both approval and extended completion of works.
The developer, a returning borrower who has worked with Aspen on multiple occasions since 2018, received an initial £350,000 upfront to redeem the current lender and recommence works with a further £1,300,000 available to complete the project through drawdowns.
With the remodelling, extensive groundworks over the five-acre site and the addition of a swimming pool, final gross-development-value (GDV) is expected to be £2.8m.
The deal was completed at 70% loan-to-value (LTV) at 0.78% Flat over 12 months. Exit will be achieved through sale of the house.
In-line with the lender’s one-person per-case customer service commitment the application was taken from start-to-finish by director of operations, Richard Coombs.
Coombs said: “Aspen continues to attract strong repeat business from experienced developers, with returning borrowers recognising the value of our consistent service via our in-house monitoring team, decision making reliability and commercially competitive approach.
“This customer loyalty highlights the strength of our delivery in the financial sector and the trusted relationships we build throughout every project.”
