Aspen Bridging has provided a £2,120,000 finish and exit facility to an experienced developer seeking to refinance, complete remaining works, and maximise sales values on a luxury residential scheme in Aylesbury, Buckinghamshire.
The development comprises three new-build four-bedroom houses. With one unit already sold subject to contract, Aspen took security over the two remaining properties, both of which are listed with a local agent. The two units carry a combined market value of approximately £3.125m and span 4,630 and 2,570 sq ft respectively, each featuring multiple reception rooms, games rooms, and large gardens.
Of the total facility, £2,065,000 repaid the developer's existing finance, with a further £55,000 available in arrears to cover outstanding works on site. The deal was structured at 80% LTV, with Aspen also taking an equitable charge over an additional property owned by the borrower, enabling the lender to offer improved terms. The facility was priced at 0.85% per month over a 10-month term, with exit to be realised through the sale of the two remaining units.
The transaction used Aspen's no-valuation product, which removes the requirement for a formal valuation at the point of application. The case was handled from start to finish by senior underwriter Laura Randall, in line with Aspen's one-person-per-case customer service model.
"In a subdued market, it can pay for developers to take the time to complete works on site and hold out for higher sales values later, and a well-constructed bridge can provide exactly that kind of breathing space," said Randall.
"Our award-winning No Valuation product is perfect for developers who find themselves in such a position, providing the flexibility to allow any project to realise the best possible return on investment."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
