Aspen funded the full amount on day one, prior to practical completion sign-off, having been satisfied that the remaining substation works were well progressed.
The loan was secured against 30 one-to-three-bedroom apartments in a site comprising 42 units within walking distance of the high street and parks in Reigate, Surrey.
The 71% LTV deal was completed on Aspen’s Flat Rate at 0.94% per month over 12 months with no exit fees or minimum interest. Exit will be achieved through a combination of sale and refinance of the 30 apartments with a number of them already sold STC.
In line with the lender’s one-person per-case Customer Service Commitment, the deal was taken from start to finish by Credit Analyst, Richard Coombs.
Richard said: “This was a great case to work on, and a prime example of how established developers use bridging loans to ensure the seamless continuation of their works and projects.”
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
