“Working with experienced developers whilst offering advice, knowledge and first-class service means that we are able to support projects that are best structured for success from the outset”
– Richard Tweddell – Aspen
Aspen has completed a £4.1m bridge-to-let loan to support a luxury residential development in Surrey, working closely with the borrower to secure a formal contractor agreement as part of the funding conditions.
The scheme sits within the Crown Estate in Leatherhead, where the developer had already acquired the plot and funded the early stage of construction. That initial investment brought the main structure close to a wind and watertight stage before external finance was introduced.
The lender structured the deal with a £1.2m day-one advance. This allows the borrower to refinance a £900k outlay, with the remaining funds allocated to ongoing construction. A further £2.9m will be released in arrears through staged drawdowns to complete the build.
Richard Tweddell, underwriting manager at Aspen, worked alongside the borrower during the application process to formalise the agreement with the main contractor. That step clarified cost expectations and timelines, helping to reduce uncertainty around delivery.
Once finished, the property will include:
- Seven bedrooms, each with en-suite bathrooms
- A gym and cinema room with bar
- Multiple garages
- A swimming pool, sauna and steam room
The completed scheme is expected to exceed a £10m gross development value.
Aspen priced the bridge element at 0.83% per month over an 18-month term. This transitions into a serviced buy-to-let period at 7.49% per annum for two years, with the loan-to-value starting at 55%.
“At Aspen, a successful outcome for our borrowers is a successful outcome for us,” said Richard Tweddell, underwriting manager. “Working with experienced developers whilst offering advice, knowledge and first-class service means that we are able to support projects that are best structured for success from the outset.”
The deal reflects wider changes to Aspen’s bridge-to-let loan range introduced earlier this year. The lender reduced rates and extended the combined term to up to five years.
Borrowers can now take a bridge or development facility for up to 24 months, followed by a buy-to-let term of up to three years. The structure is designed to provide continuity between development and longer-term financing.
Across the updated range:
- Bridging rates start from 0.35% per month
- Serviced buy-to-let rates begin at 6.89% per annum
- Maximum loan size reaches £15m
- Loan-to-value ratios extend up to 80%
The product covers residential, semi-commercial and commercial properties across England and Wales, giving developers a broader set of funding options as projects move from build to income-generating assets.
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