A client who received a £750k development exit bridge from Aspen in just 10 days has returned to the lender for financing on a separate project.
The experienced UK developer, operating as a family business, recently completed a development in the village of Chedworth in the Cotswolds comprising of two four-bedroom semi-detached properties.
One of the units is being offered as security to refinance their maturing facility and release capital for their next project.
The 75% loan-to-value (LTV) deal was completed on Aspen’s stepped rate on a 12-month term with an initial rate of 0.39%.
Both units are finished with all building control signoffs granted, and exit will be achieved through sale of the properties.
A further application from the developer is being progressed on a different development site and currently sits at the legal stage.
In line with Aspen’s one-person-per-case customer service philosophy the deal was taken from start-to-finish by underwriting manager, Richard Tweddell.
Tweddell said: “Consistently meeting expectations means understanding each applicant’s project, requirements and completion timeframes.
“At Aspen, our exceptional service levels truly differentiate us as we deliver what we promise, it’s one of many reasons quality, experienced developers use us time-and-time again.”
