ASPEN DRAWS SPEEDY 72-HOUR CONCLUSION TO £1.7M BRIDGE
22 January 2024
Aspen has completed a £1.7m Development Exit bridge at near 80% LTV in just 20 days, with offer acceptance to completion being turned around in only 72 hours.
The developer, a returning Aspen customer, wanted to acquire funds to enable a controlled sales process on a completed three-unit newbuild development comprising two bungalows and a four-bedroom house in Droitwich Spa, Worcestershire whist also raising additional capital to invest into their next project.
The deal was finalised on the lender’s Stepped Rate product, at an initial 0.65% over 12 months. Exit will be through sale of the properties.
In-line with Aspen’s Customer Service Commitment the deal was taken from start-to-finish by Laura Randall, Senior Underwriter at Aspen Bridging.
Rory Cleary, Head of Sales at Aspen Bridging, said: “Being an existing customer, the developer already has first-hand experience of our excellent customer service, streamlined processes and desire to move to completion as seamlessly as possible.
“The new year has started very brightly and the pipeline is strong, it includes a large number of developers who are looking at market conditions and thinking about the best time to sell to realise maximum profits from their projects.
“Our Stepped Rate product proves popular for developers who will exit via sale of properties as it offers the flexibility to repay the bridge early, if so desired.”
Aspen Bridging’s Rates & Product Card has Flat Rates, across all product types including heavy works, available at 0.89% plus one month’s exit at 80% LTV as well as 0.89% at 75% LTV and 0.85% at 65% LTV.
Stepped Rates start from 0.59% per month for the first six months across all product types and go up to 80% LTV.
Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.
