Aspen has completed a £4.1m bridge-to-let facility for the development of a luxury new-build mansion on the Crown Estate in Leatherhead, with the finished property expected to have a GDV of more than £10m.
The lender said it worked with the borrower to finalise a formal contractor agreement as a condition of funding, in a move designed to provide greater clarity on costs and timings as the scheme progresses.
The applicant had acquired the plot and self-funded the first phase of the development, taking the main structure to a near wind and watertight stage before securing the facility.
The deal includes an initial day one loan of £1.2m, which will be used to repay the client’s existing £900,000 outlay, with the remaining funds supporting ongoing works. Further drawdowns of £2.9m will be made available in arrears to fund the rest of the build.
Once complete, the property is set to include seven bedrooms with en-suite bathrooms, alongside a gym, cinema room with bar, multiple garages, a pool, sauna and steam room.
The bridge was completed at 0.83% per month over 18 months, before moving to a serviced buy-to-let period at 7.49% per annum over two years. Aspen said the loan starts at 55% loan to value.
Richard Tweddell, underwriting manager at Aspen, says: “At Aspen, a successful outcome for our borrowers is a successful outcome for us.
“Working with experienced developers whilst offering advice, knowledge and first-class service means that we are able to support projects that are best structured for success from the outset.”
