“Aspen continues to attract strong repeat business from experienced developers, with returning borrowers recognising the value of our consistent service via our in-house monitoring team, decision-making reliability and commercially competitive approach”
– Richard Coombs – Aspen Bridging
An experienced developer who revised plans mid-build to maximise the final sale value is set to enhance profits with a £1,475,000 Development Exit bridge from Aspen.
The project, located in Stone, Staffordshire, involves a six-bedroom house with 7,500 square feet of floor space. The developer had already invested £500,000 to purchase the land and construct the shell of the new build. Revised planning was submitted, requiring extra time for approval and extended completion of works.
A returning borrower who has worked with Aspen on several occasions since 2018 received an initial £350,000 upfront to redeem the current lender and recommence construction. A further £1,300,000 is available through drawdowns to complete the project.
With the remodelling, extensive groundworks across the five-acre site, and the addition of a swimming pool, the final gross development value (GDV) is projected to reach £2.8m.
The deal was structured at 70% LTV with a 0.78% flat rate over 12 months, and exit will be achieved through the sale of the completed house.
In keeping with the lender’s one-person per case Customer Service Commitment, Director of Operations Richard Coombs managed the application from start to finish.
Richard Coombs commented, “Aspen continues to attract strong repeat business from experienced developers, with returning borrowers recognising the value of our consistent service via our in-house monitoring team, decision-making reliability and commercially competitive approach.”
“This customer loyalty highlights the strength of our delivery in the financial sector and the trusted relationships we build throughout every project.”
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