Aspen agreed a £1,125,000 bridge to help an experienced developer finish a six-bedroom house in multiple occupation (HMO) in Clapham and raise funds for another purchase.
The work included reconfiguring a three-storey end-terrace with a cellar.
More time was needed for snagging and to get the local licence before letting out the units.
Aspen’s loan allowed the developer to refinance the existing £720,000 lender ahead of term, complete the works, and raise more capital.
The deal completed at 75% loan-to-value (LTV), 0.78% flat over 10 months.
The client plans to apply for the HMO licence during the term, exiting by refinancing onto a longer-term product.
The application was handled from start to finish by Richard Tweddell, underwriting manager at Aspen.
Tweddell said: “With bridging, flexibility is essential. We structured the loan to ensure the developer had everything needed to complete the project and move forward with confidence.”
