“We are always here to support experienced developers, both domestic and foreign, and are happy to share our knowledge and expertise when challenges arise, as we did in working with the borrower in helping to secure retrospective planning permission on this deal”
– Richard Tweddell – Aspen Bridging
Aspen Bridging has announced that it has completed a £1.6m heavy refurbishment bridge loan for a Chinese national developer undertaking a complex residential conversion in Barnes, south-west London.
The borrower required an initial £1.08m to refinance an existing facility and begin work on remodelling a period property, reverting four separate flats into a single luxury dwelling. The proposed development includes several substantial extensions and basement excavations, which will significantly increase the existing 3,000 sq ft footprint.
The remaining £520,000, covering 100% of the planned refurbishment costs, will be drawn down in stages as the project progresses. The deal was completed at an initial loan-to-value of 75%, with a final gross development value (GDV) projected at approximately £3m.
A planning issue emerged during the funding process relating to the configuration of the basement. Aspen’s team provided support throughout, helping the borrower secure retrospective planning consent before releasing the relevant portion of funds.
The 18-month facility was completed on the lender’s flat rate of 0.84% per month. The developer plans to exit through the sale of the completed property.
The transaction was managed under Aspen’s one-person-per-case model by underwriting manager Richard Tweddell.
“This is a considered, highly profitable project by an experienced overseas property professional who understands the scale of the works involved,” said Richard Tweddell, underwriting manager at Aspen. “We are always here to support experienced developers, both domestic and foreign, and are happy to share our knowledge and expertise when challenges arise, as we did in working with the borrower in helping to secure retrospective planning permission on this deal.”
Separately, Aspen has updated its refurbishment funding products as part of its new July rate card. The lender has reduced pricing across several offerings, including its 80% heavy refurbishment product, now available at 0.78% per month, down 60 basis points.
It has also enhanced its no-valuation refurbishment loan, increasing availability to 80% LTV at 0.83% per month, previously capped at 75% LTV.
Stepped rates have also been cut, with both refurbishment products now starting from 0.39% per month, reflecting a 50 basis point reduction. In addition, Aspen has launched a new larger loan range, with flat rates from 0.75% and stepped rates from 0.39% per month, applicable to loans between £2m and £15m net.
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