ASPEN COMPLETES £6M FINISH & EXIT BRIDGE
07 Nov 2023
Aspen has completed another ultra-luxury London Finish & Exit bridge in a matter of weeks with a £6m loan at 75% LTV on a large Georgian Stucco house in Kensington.
The project has already seen major construction take place, with the developer needing £5m to cover the existing loan with a further £1m made available for drawdowns to complete the remaining works.
Once completed the six-storey end-of-terrace mansion will comprise seven bedrooms, seven bathrooms, lift, spa facilities and private cinema across a gross internal floor area of 5,500 square feet, making it one of the most exciting properties to come to market in the near future.
The Gross Development Value (GDV) is £11m with exit to be achieved through sale.
In line with Aspen’s one-person-per-case customer service philosophy the deal was taken from start-to-finish by Underwriting Manager, Saif Khalique on a Flat Rate of 0.95% over 12 months.
The deal marks the second recent ultra-luxury completion following a £7,150,000 Refurbishment bridge on a property in the heart of Belgravia, with the cost of works making it currently one of the most high value private redevelopments in the UK.
Jack Coombs, Director at Aspen Bridging, said: “We have a strong appetite for high-value Refurbishment and Finish & Exit loans and we are winning the trust of brokers and experienced developers.
Our strong equity funding and commitment to service makes us the go-to lender in this space.”
Aspen Bridging’s latest 2023 Rates & Product Card <https://www.aspenbridging.co.uk/aspen/overview/> has Flat Rates, across all product types including heavy works, available at 0.89% plus one month’s exit at 80% LTV as well as 0.89% at 75% LTV and 0.85% at 65% LTV.
Stepped Rates start from 0.59% per month for the first six months across all product types and go up to 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.