Aspen has completed a £3 million multi-tranche no-valuation bridging loan secured against a newly refurbished period conversion in Holloway, north London.
The facility has been structured to cover up to three separate project requirements for the borrower.
On day one, £1.85 million was released to refinance an existing lender on the large semi-detached property, which has been converted into five one and two-bedroom apartments.
The 3,700 sq ft scheme has recently been refurbished, with the units finished to a high standard. Two of the five apartments have already been sold subject to contract.
The initial tranche also enabled the borrower to release capital to fund professional fees due in connection with a Section 106 planning application on a separate adjacent site. Further funds have been held in reserve to support the submission if required.
A further drawdown of £1.15 million has been made available should the borrower identify another project and need to move quickly to complete a purchase.
The exit is expected to come through the sale of the completed apartments in Holloway, with the refinance giving the borrower additional time to manage the sale of the remaining three units.
The no-valuation bridge was completed at 0.83% per month over 10 months, with a day-one LTV of 48%. This could rise to 80% if the additional tranches are drawn.
The case was handled from start to finish by Laura Randall, senior underwriter at Aspen, under the lender’s one-person per-case customer service commitment.
Randall says: “We’re always keen to lend where the security is strong and the borrower experienced, this case had both. With five high-quality apartments in a highly desirable part of North London, and units already transacting, the fundamentals were excellent.
“Once again our award-winning No Valuation product demonstrated why it has become the go-to solution for experienced developers, delivering the funding, flexibility and speed to seamlessly transition from one project to the next.”
