ASPEN COMPLETES £6.95M SUPER-PRIME PROJECT LOAN IN FIVE DAYS
07 Oct 2024
Aspen has completed a £6.95m Light Development loan at 75% LTV in just five days on a super-prime near-complete project in Kensington, London.
The developer, a Nigerian national, plans to complete the total transformation of a large end-of-terrace luxury townhouse comprising seven-bedrooms over seven floors to an impeccably high standard including spa and lift.
An initial £6.75m has been released to redeem the development lender with a further £200k available to drawdown later in the project to allow for the completion of the works.
The deal was agreed on Aspen’s Flat Rate at 0.95% over 10 months. Exit will be achieved by refinancing onto a buy to let mortgage once the project is complete.
In-line with the lender’s one-person per-case Customer Service Commitment, the application was taken from start-to-finish by Head of Underwriting, Saif Khalique.
Saif said: “We have completed several Light Development bridges for super-prime London properties this year, it is definitely an area where our understanding of high-end development projects and exceptional service levels are being truly appreciated by these select developers.
“Being able to complete the application from submission to the release of funds within just five days is raising the bar to new heights, there is no limit to what our team can deliver for our customers.”
Aspen Bridging recently announced that it has reduced rates across the board by up to 60bps for all new applications.
Flat Rates now start from 0.85% per month, a decrease of 0.04%. Stepped rates have also fallen and are available from an initial 0.59% per month, a reduction of 0.06% moving onto 1.25% per month secondary.
Residential & Development Exit rates are available at 0.87% at 75% LTV and & 0.85% at 70% LTV, while the lender’s Refurbishment bridge begins at 0.89% at 80% LTV.
Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.