Aspen completes £1.3m light development bridge
Aspen has completed a £1,360,000 light development bridge in 18 days, comprising £325,000 on day one for auction purchase and £900,000 in arrears to fund conversion works.
The deal, which equates to a 65% loan-to-value (LTV) on day one and 70% loan-to-gross-development-value (LTGDV), will enable the developer to turn a three-storey commercial unit and office space into 14 studio, one and two bedroom residential apartments.
Planning applications had already been agreed and the case was finalised on Aspen’s Stepped Rate, starting at 0.39% over 12 months, and the developer will exit through refinance.
In-line with the lender’s one-person per-case service proposition the application was handled from start-to-finish by senior underwriter, Prabhat Talwar.
Jack Coombs, director at Aspen, said: “It’s great to be trusted once again by our intermediary partners for an auction purchase.
“From day one we understood exactly what the client required and achieved this within the timeframe.
“Bridging should be quick, without taking unnecessary risks, and we have proved once again we are the lender to rely upon.”
Amir Din from UK Mortgage Specialists added: “Having built an excellent relationship with Aspen I trusted them with this auction case knowing that they would deliver in time for the borrower.
“Having a dedicated Underwriter from start-to-finish made the process really time efficient on such a time sensitive case.”