£3m no-valuation bridge covers North London conversion and future pipeline

"We're always keen to lend where the security is strong, and the borrower experienced; this case had both"
- Laura Randall - Aspen

Aspen has completed a £3m multi-tranche no-valuation bridging finance facility spanning three separate projects, each with distinct funding requirements.

The initial tranche of £1.85m was released on day one to refinance an existing lender on a large semi-detached period conversion in Holloway, North London. The recently completed 3,700 sq ft scheme comprises five luxury one and two-bedroom apartments, all finished to a high standard.

The first tranche also allows the borrower to release capital to cover professional fees due on a Section 106 planning application for a separate adjacent site, with further funds held in reserve to support that submission if required.

A second drawdown of £1.15m has been made available should the borrower identify their next acquisition and need to move quickly.

Exit is expected through the sale of the completed Holloway apartments, two of which are already sold, subject to contract. The refinance creates additional time for a controlled sales process on the remaining three units.

The facility was priced at 0.83% per month over 10 months, with a day-one LTV of 48%, rising potentially to 80% as further tranches are drawn. In keeping with Aspen's one-person-per-case customer service commitment, senior underwriter Laura Randall managed the application from start to finish.

"We're always keen to lend where the security is strong, and the borrower experienced; this case had both," she said. "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."