Aspen has completed a £4.55m development exit bridge on one of the UK’s first private domestic Passivhaus developments.
The developer now has additional time to complete works delayed by Covid, which total eight detached and six semi-detached homes of three, four or five bedrooms, in Faversham, Kent.
Passivhaus represents an entirely modern and different method of construction to achieve “exemplary eco-friendly” results.
The development exit bridge was secured on the lender’s fixed rate product over a 12-month term. LTV was 66%.
It is the second time the developer has used Aspen in the last six months having previously secured a £1.16m development exit facility against three newbuild detached homes in Kent in February.
Jack Coombs, director at Aspen Bridging, said: “From one award winner to another it has been a pleasure to complete a deal which ensures the developer has time to finish each property to the exacting standards required by Passivhaus certification, while having extra time to maximise the sales process.”
