Aspen completes £4.55m gross loan on Passivhaus development
Aspen has completed a £4.55m development exit bridge on one of the UK’s first private domestic Passivhaus developments.
Comprising eight detached and six semi-detached homes of three, four or five bedrooms, the site in Faversham, Kent has been named What House? 2020 Awards Gold Winner in the Best Sustainable Housing Development category.
Passivhaus uses modern methods of construction to achieve eco-friendly results.
The development exit bridge was secured on the lender’s fixed rate product over a 12-month term and the loan-to-value (LTV) was 66%.
It is the second time this developer has used Aspen in the last six months, having previously secured a £1.16m development exit facility against three new-build detached homes in Kent in February.
Both cases were handled by Prabhat Talwar, senior underwriter at Aspen.
Jack Coombs, director at Aspen Bridging, said: “From one award winner to another, it has been a pleasure to complete a deal which ensures the developer has time to finish each property to the exacting standards required by Passivhaus certification, while having extra time to maximise the sales process.”