Aspen used its dual representation legal service alongside the No Valuation product to complete a £1.1m Development Exit loan in just 11 days on a luxury mansion project in Hale.
The property, located on the border of Altrincham in Greater Manchester, is a six-bedroom, eight-bathroom detached house spanning 6,889 sq ft. Features include a swimming pool with pool house, cinema room, multiple private terraces, gym, and library.
On the first day of completion, £707k was released, including £500k to refinance an existing facility and £207k to continue construction. An additional £310k is available in arrears to finish the project.
The transaction used Aspen’s award-winning No Valuation process, leveraging in-house RICS-qualified surveyors for speed, despite the high-value asset and significant construction remaining.
The project faced planning challenges, as the developer amended the design mid-build to maximise the property’s end value. Aspen took a comprehensive view of the project before proceeding and deployed its dual representation legal service to complete the deal in under two weeks.
The loan was completed at 40% LTV on Aspen’s Stepped Rate, starting at 0.35% for 12 months. Exit is expected through the sale of the property, with a final GDV of around £4.5m.
Consistent with Aspen’s one-person-per-case approach, Underwriting Manager Richard Tweddell managed the application from start to finish.
Richard Tweddell said, “Aspen very much subscribes to the idea that ‘good business is good business’. So when we identify a scenario in which the project is being brought to fruition by a very experienced developer with a history of successful high-value projects, we act fast and deliver.”
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