Aspen Bridging lends £1.32m bridge for office to hotel conversion
Aspen Bridging has lent a £1.32m bridging loan to a property developer looking to transform an office block in Liverpool into a first-class hotel.
The applicant, who already owned the building, was required to refinance their existing debt by the previous lender as the new asset was classed as a non-core business activity. This required a change of use via planning to convert the site into a hotel to bring it in line with the rest of their business.
The case was underwritten in three hours with an Aspen underwriter visiting the property with the borrower and the valuer in four days.
Jack Coombs (pictured), director at Aspen Bridging said: “This is a case example of how bridging can solve a multitude of clients’ requirements, and how the flexibility and one-to-one service we provide allowed us get into the finer details with the broker and client so we could lend on the project’s true potential.”
The deal was at 72.5% loan-to-value (LTV) over 10 months with a front-end rate 0.55% for the first five months.
The case was completed in a timely manner to ensure their currently lender’s refinance deadline was met. Subsequently this allowed the borrower’s planning application for change-of-use to be approved.