Aspen Bridging has provided a £3,050,000 refurbishment facility to support a family-owned development company in the acquisition and conversion of two former NatWest buildings in North London.
The properties, located on Holloway Road in Holloway and Finchley Road in Hampstead, were acquired with an initial advance of £2,475,000, allowing works to begin immediately. An additional £575,000 is available through drawdowns during the redevelopment process.
The two sites will be transformed into semi-commercial properties under permitted development rules. Together, they will comprise six residential apartments, two retail units and a basement storage space that will serve another of the borrower’s businesses.
The development follows a previous project completed in 2023 on High Road, North Finchley, valued at £2.2 million. This earlier asset was offered as additional security, which enabled the developer to access a larger sum upfront.
The gross development value across the three sites is projected at £6,700,000.
Aspen completed the deal at 65% loan-to-value, applying its flat rate of 0.78% over a 16-month term. The exit strategy is to retain all three buildings and refinance with a long-term lender once works are completed.
In keeping with Aspen’s one-person-per-case model, underwriting manager Richard Tweddell handled the deal from initial enquiry to completion.
Richard commented, “This is an established family-run business with extensive experience in the transformation of commercial units into mixed-use developments. They are experts in the planning process and finding ways to add value to every scheme they engage with, and we are happy to support their well-executed expansion.”
