Aspen has announced that it has supplied a super-prime no-valuation bridge in just nine days for a property professional urgently requiring £1,575,000 to secure their next development in Regent’s Park and complete a project in Fitzrovia.
Over £1.55m was allocated to facilitate the onward purchase of the experienced developer’s next project, a three-bedroom stucco house in one of the city’s most sought-after boroughs.
The remaining £25,000 is being used to complete an extensive multi-year refurbishment project on one of London’s most picturesque streets, which is weeks away from finishing and will have an estimated GDV of £2.3m.
In line with Aspen’s one-person-per-case customer service philosophy, the deal was taken from start to finish by credit manager Sinead McMurray, who used the lender’s No Valuation product to ensure the rapid drawdown of funds.
Aspen’s no valuation bridge enables genuinely urgent transactions at up to 75% LTV, which commonly complete in under 10 working days. Flat rates start at 0.79% per month, with stepped rates starting from an initial 0.45% per month.
Applications are welcome up to £3m net, with the product open to UK and overseas developers and investors for projects and capital raising on properties in England and Wales.
The deal was completed on Aspen’s stepped rate at an initial 0.55% over a 10-month term. Exit will be via refinance of the security property once the limited remaining works are complete.
Sinead said, “This deal involves a serial developer who has a dedicated team who have worked on numerous super-prime projects over the last five years, and naturally we were happy to step in and become a partner in this truly compelling property success story.”
