Aspen has completed a £2m development exit facility for a repeat borrower refinancing a seaside project in Looe, Cornwall.
The lender used its No Valuation product to complete the deal in just 11 days, supporting an experienced developer seeking £1.55m to refinance an existing facility while raising a further £450,000 to fund their next project.
The scheme overlooks the coastline in Looe and comprises two luxury holiday homes built into the rock face. Each property measures around 3,800 square feet and includes four bedrooms and four bathrooms.
The houses are arranged across five floors and feature cinema and games rooms alongside internal garages.
With only snagging work remaining, the total gross development value of the scheme is expected to exceed £3m.
The loan completed at 70% loan-to-value on Aspen’s Flat Rate product, priced at 0.74% per month over a 10-month term. The borrower plans to repay the facility through the sale of the completed properties.
The case was managed from start to finish by head of underwriting Saif Khalique, reflecting Aspen’s one-person-per-case approach to customer service.
Khalique says: “Repeat custom is the surefire sign of wonderful service.
“The previous deal with the applicant was a residential refinance for an earlier project, which was also on a tight deadline, so they returned to us knowing that we would deliver without fault.”
