Aspen Bridging has provided a £2.12m finish and exit facility to refinance a residential development in Aylesbury, Buckinghamshire.
The developer received an initial £2.065m to repay an existing facility, with a further £55,000 available in arrears to complete outstanding work.
The scheme comprises three new-build, four-bedroom houses. One unit has been sold subject to contract, while Aspen has taken security over the two remaining properties, which are being marketed by a local agent.
The two houses have a combined market value of about £3.125m and extend to 4,630 sq ft and 2,570 sq ft respectively. Both include several reception rooms, games rooms and large gardens.
The 80% loan-to-value deal was completed through Aspen’s finish and exit and no valuation products.
Aspen also took an equitable charge over another property owned by the borrower, allowing the lender to offer improved terms.
The 10-month facility carries a monthly interest rate of 0.85%. The loan is expected to be repaid through the sale of the properties.
Laura Randall, senior underwriter at Aspen, managed the application from start to finish under the lender’s one-person-per-case service model.
Randall says: “In a subdued market it can pay for developers to take the time to complete works on site and hold out for higher sales values later, and a well-constructed bridge can provide exactly that kind of breathing space.
“Our award-winning No Valuation product is perfect for developers who find themselves in such a position, providing the flexibility to allow any project to realise the best possible return on investment.”
