Aspen has announced that it has completed a £1,125,000 development exit bridge to support an experienced developer in finishing a project and securing funds for an onward purchase.
The scheme centred on the reconfiguration of a three-storey end-terraced house with a cellar in Clapham into a six-bedroom HMO. The developer required additional time to complete final snagging items and secure the necessary local licence before the units could be let.
Aspen’s facility allowed the borrower to refinance their existing lender at £720,000 ahead of term, complete the remaining works and raise further capital. The loan was completed at 75% LTV at 0.78% flat over 10 months.
The client will apply for the HMO licence during the term, with the anticipated exit through a refinance onto a longer-term product.
The application was handled in line with Aspen’s one-person-per-case approach, with underwriting manager Richard Tweddell overseeing the process from submission to completion.
“With bridging, flexibility is essential,” said Richard. “We structured the loan to ensure the developer had everything needed to complete the project and move forward with confidence.”
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