Aspen has completed a £1.1m development exit bridging loan in just 11 days after deploying its dual representation legal service alongside its no valuation process.
The loan was secured against a luxury mansion development in Hale, on the border of Altrincham in Greater Manchester.
The newly built six-bedroom, eight-bathroom detached property extends to 6,889 square feet and includes a swimming pool with pool house, cinema room, gym, library and multiple private terraces.
On day one, £707,000 was released, with £500,000 used to refinance an existing facility and £207,000 allocated to continue works on site. A further £310,000 has been made available in arrears to support completion of the project.
The case utilised the lender’s no valuation process, using in-house RICS-qualified surveyors to expedite the transaction, despite the high value of the asset and the fact that significant construction work remained outstanding.
The scheme also involved unresolved planning matters, after the developer amended the design part-way through the build to maximise the end value of the property.
Aspen said it took a holistic view of the project before proceeding and deployed its dual representation legal service to increase efficiency, enabling completion in under two weeks.
The loan completed at 40% LTV on the lender’s stepped rate, starting at 0.35% over a 12-month term. The exit strategy is the sale of the property, with a final gross development value of around £4.5m.
In line with Aspen’s one-person-per-case service model, the transaction was managed from start to finish by underwriting manager Richard Tweddell.
Tweddell says: “Aspen very much subscribes to the idea that ‘good business is good business’. So when we identify a scenario in which the project is being brought to fruition by a very experienced developer with a history of successful high-value projects we act fast and deliver.”
