Aspen provides £1.9m refurbishment facility for Grade 1 listed conversion in Bath.
05 Oct 2026
A highly experienced developer is using a £1.9m Refurbishment bridging loan from Aspen to convert a Grade I listed office building in Bath town centre into five residential apartments.
An initial advance of £800k, representing 80% LTV, will allow the refinance of an existing £550,000 purchase facility as well as providing the borrower with £250,000 to commence the substantial works.
The remaining £1.1m is available through staged development drawdowns, with the completed scheme having a GDV of circa £2.7 million.
Having been purchased in an off-market transaction in 2025, the building occupies a prominent corner plot in a highly sought after area of Bath town centre. Currently in poor condition, it will be converted into five high-quality two-bedroom apartments benefitting from dual aspects.
The case was completed in six weeks with Aspen’s in-house development monitoring team involved from the outset. When the next drawdown is requested a site visit will take place within 48 hours with funds released within 72 hours.
The service ensures continuity as the lender has already visited the scheme, understands the borrower’s ambitions and knows the project timescales, all while removing the costs associated with appointing a third-party monitoring surveyor.
The loan was finalised on a flat rate of 0.79% per month over 18 months. The developer intends to retain the completed apartments as income-producing assets, adding them to their existing investment portfolio, and will exit via refinance.
In-line with the lender’s one-person per-case Customer Service Commitment the application was taken from start-to-finish by Senior Underwriter, Laura Randall.
Laura said: “The project is being undertaken by a highly experienced developer who has completed 25 projects realising GDVs of over £20 million during the last 12 months. As such they completely understand the benefits of our unique in-house development monitoring team which brings more speed, reduced costs and much-needed continuity into every project.”
Aspen’s product range includes Bridging, Ground Up Development and its award-winning Bridge-to-Let and No Valuation offerings.
Flat Rates start from 0.74% per month up to 80% LTV with Stepped Rates starting at 0.35% per month.
With maximum loan sizes up to £15m, the lender has positioned itself as a leading provider of refurbishment finance for UK and overseas developers and property professionals.