Aspen Bridging has provided a £2,120,000 finish and exit facility to an experienced developer seeking to refinance, complete remaining works, and maximise sales values on a luxury residential scheme in Aylesbury, Buckinghamshire.
The development comprises three new-build four-bedroom houses. With one unit already sold subject to contract, Aspen took security over the two remaining properties, both of which are listed with a local agent. The two units carry a combined market value of approximately £3.125m and span 4,630 and 2,570 sq ft respectively, each featuring multiple reception rooms, games rooms, and large gardens.
Of the total facility, £2,065,000 repaid the developer’s existing finance, with a further £55,000 available in arrears to cover outstanding works on site. The deal was structured at 80% LTV, with Aspen also taking an equitable charge over an additional property owned by the borrower, enabling the lender to offer improved terms. The facility was priced at 0.85% per month over a 10-month term, with exit to be realised through the sale of the two remaining units.
The transaction used Aspen’s no-valuation product, which removes the requirement for a formal valuation at the point of application. The case was handled from start to finish by senior underwriter Laura Randall, in line with Aspen’s one-person-per-case customer service model.
“In a subdued market, it can pay for developers to take the time to complete works on site and hold out for higher sales values later, and a well-constructed bridge can provide exactly that kind of breathing space,” said Randall.
“Our award-winning No Valuation product is perfect for developers who find themselves in such a position, providing the flexibility to allow any project to realise the best possible return on investment.”
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