Short-term property lender Aspen Bridging has completed a £2m development exit loan for a seaside project in Looe, finalising the deal within 11 days for a returning developer client.
The lender used its No Valuation product to accelerate the process, allowing the experienced borrower to refinance an existing facility while releasing capital for a future scheme.
The £2m facility included £1,550,000 to refinance the current loan, with the remaining £450,000 raised as capital for the developer’s next project.
The development sits on the coastline and consists of two high-end holiday homes built into the rock face overlooking the sea. Each property includes:
four bedrooms
four bathrooms
around 3,800 sq ft of internal space
Both houses span five floors and include cinema rooms, games rooms and internal garages. Only snagging work remains before completion, with the total gross development value expected to exceed £3m.
Aspen Bridging structured the loan at 70% loan-to-value using its flat rate pricing of 0.74% over a 10-month term. The developer plans to repay the facility through the sale of the completed properties.
The lender handled the application under its single-case manager approach, which assigns one underwriter to oversee a deal from start to finish. In this case, Saif Khalique, head of underwriting, managed the transaction throughout.
"Repeat custom is the surefire sign of wonderful service," said Saif Khalique, head of underwriting. "The previous deal with the applicant was a residential refinance for an earlier project, which was also on a tight deadline, so they returned to us knowing that we would deliver without fault."
The borrower had previously worked with the lender on a residential refinance for an earlier development and returned to secure funding again when working to another tight schedule.
