04 Jan 2024

Aspen Bridging finished 2023 on a high, completing a £2.8m Development Exit bridge on a 14-unit development of houses in New Romney, Kent.

Completed in just 20 days at 70% LTV, the project consists of a mix of two and three bed semi-detached and detached houses, both open market and affordable units, totalling over 15,000 square feet.

The developer required the loan to exit their existing facility and create an extended marketing and sales period which will generate circa £4 million pounds.

The deal was completed on the lender’s Stepped Rate product starting at 0.65% over 12 months.

In-line with Aspen’s Customer Service Commitment the deal was taken from start-to-finish by Laura Randall, Senior Underwriter at Aspen Bridging.

Rory Cleary, Head of Sales at Aspen Bridging, said: “We were pleased to help yet another experienced developer raise much needed funds to realise their project’s maximum financial potential.

“Our stepped product perfectly fulfilled the requirements of our borrower whose development had reached end-of-build stage with sales imminent.

“Aspen are always keen to lend where the product on offer is one that the market will respond well to and this well-conceived and executed development certainly fulfils that criteria.”

Aspen Bridging’s Rates & Product Card has Flat Rates, across all product types including heavy works, available at 0.89% plus one month’s exit at 80% LTV as well as 0.89% at 75% LTV and 0.85% at 65% LTV.

Stepped Rates start from 0.59% per month for the first six months across all product types and go up to 80% LTV.

Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.