Aspen has completed a rapid £2,550,000 Bridge to Let facility on the Old Bank Building in Bristol, delivering funds in three days after stepping in to replace a stalled lender.
The semi-commercial development comprises two ground-floor retail units and eight one-, two- and three-bedroom apartments across four floors, totalling 8,888 square feet.
The developer required urgent funding when their original lender failed to progress the planned refinance within acceptable timeframes.
Aspen became aware of the opportunity through discussions on another asset within the applicant’s portfolio.
On learning of the delays affecting the Bristol scheme, they moved quickly with a competitive offering that combined three-day execution, an attractive rate and the flexibility of its Bridge to Let structure.
Using a previous valuation for speed, Aspen provided an eight-month bridge at a 0.74% flat rate to support completion works and marketing, with the facility providing the flexibility of a further 2-year BTL period serviced at 6.74%.
The developer intends to retain all units, supported by long-term leases already secured on both retail spaces, forming a strong income base for the investment.
Underwriting manager Richard Tweddell oversaw the case from start to finish under Aspen’s one-person-per-case service model.
He said: “This case demonstrates Aspen’s ability to offer a compelling package of rapid execution, attractive rates and flexible Bridge to Let terms.
“When the original lender failed to act, we were able to move fast and secure the deal for the developer.”
