Aspen has combined its No Valuation and Bridge-to-Let products to deliver a £1,225,000 facility in under a month for an experienced developer seeking three financial outcomes.
The Sunderland development, consisting of eight four-bedroom, four-bathroom townhouses, was nearing practical completion. The borrower required £475,000 to repay the existing lender, £250,000 to complete outstanding works, and £500,000 to release capital for other projects.
The facility, completed at 70% LTV, was supported by a revaluation conducted just before completion. As works had progressed, this allowed the borrower to release more funds from the assets on day one.
The North East scheme spans 9,000 square feet, with a projected gross development value of over £1.7 million. Exit will be achieved through the sale of the entire development, although the optional Buy-to-Let period provides the borrower additional time should sales take longer than expected.
The bridge term was structured on Aspen’s Stepped Rate, starting at 0.5% per month over a 12-month term. The subsequent BTL period will be serviced at 6.49% per annum for two years.
Underwriter Daniel Tame managed the case from start to finish in line with Aspen’s one-person-per-case service model, ensuring continuity and efficiency.
Jack Coombs, chief operating officer at S&U PLC, parent company of Aspen, said: “This transaction highlights the strength of our product design and flexible funding approach, allowing the borrower to redeem their existing lender, complete the development and release capital within a matter of weeks.
“By combining our No Valuation and Bridge-to-Let products, we were able to deliver multiple outcomes from a single facility while supporting the developer’s wider pipeline and future sales strategy.”
Earlier in the year, Aspen expanded the scope of its Bridge-to-Let product by reducing rates and offering a combined term of up to five years. Borrowers can now choose a bridge or development loan of up to 24 months, followed seamlessly by a BTL period of up to three years.
Rates for associated bridging start at 0.35% per month, followed by a serviced Buy-to-Let period at 6.89% per annum. The maximum facility is £15 million, with LTVs up to 80%, and the product can fund residential, semi-commercial, and commercial properties across England and Wales.
