ASPEN MOVES IN AFTER DEVELOPER’S SALE FALLS THROUGH
13 February 2024
Aspen finalised a rapid £1,650,000 Development Exit bridge at 80% LTV when an experienced developer required a quick release of equity after a proposed sale fell through at the eleventh hour.
Having built two new four-bedroom houses in the Dorset village of Lychett Matravers, the developer planned to exit their existing finance agreement through the sale but then found themselves requiring a bridge to redeem their existing development loan whilst also allowing further time for a controlled sales process.
The deal, which was finalised in just 20 days, completed on the lender’s Stepped Rate product at an initial 0.69% per month over 10 months.
In-line with Aspen’s Customer Service Commitment the deal was taken from start-to-finish by Richard Coombs, Credit Analyst at Aspen Bridging.
Richard said: “This is exactly the kind of situation that our Stepped Rate product is designed for, a quick solution to an unforeseen situation that ultimately puts the client in control, giving them the flexibility to repay the bridge early if they so decide.”
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 0.55% per month for the first six months across all product types and are available 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.
