Aspen Bridging has announced that it has quickly completed a £700k development exit loan on a multi-unit project in Bedford when the previous finance agreement and right-of-way issues threatened to derail the build.
Consisting of an initial payment of £530k and a further £170k in drawdowns, the lender took security over just one five-bedroom executive detached home, with the development money being used to complete all four houses onsite.
Prior to completion, a right-of-way problem was identified relating to site access, and the lender’s solicitor immediately acted to resolve the issue by taking charge of the related access land to ensure the funds could be released on the correct day.
With a gross development value of £1,200,000, the deal represents 66% of the current LTV and 62% of GDV LTV.
Aspen Bridging’s Spring 2025 Rate Card sees Flat Rates start from 0.79% per month and Stepped Rates from an initial 0.45% per month.
The lender’s Heavy Refurbishment Bridge product is available up to 75% LTV with rates from 0.87%, while its leading Development Exit and Refurbishment bridge has also been updated and is available at 80% LTV with rates from 0.89% and up to 75% LTV from 0.84%.
Its maximum loan size stands at £15m net as it looks to expand in the London super-prime and larger-scale development exit spaces, and all products are open to UK and overseas developers and investors for projects across England and Wales.
In line with Aspen’s one-person-per-case customer service philosophy, the deal was taken from start to finish by Underwriting Manager Richard Tweddell.
“The security property was nearing completion, so the case itself initially seemed pretty straightforward, but of course, the right of way issue and allowing extra funds to work on additional units added extra layers of complexity, which we were well-equipped to deal with," said Richard, adding, “As always, we listened to the borrower to truly understand their circumstances. The fact they have returned with an application for a separate deal tells you everything you need to know about how highly they rate our first-class service.”
