Aspen completes Passivhaus development bridge
Aspen Bridging has completed a £450k facility to fund the final build stages of a Passivhaus development in Hertfordshire.
By displaying their competency and having self-funded the development up to being wind and watertight, the developer required the funds in just six days from application to ensure building work continued as scheduled.
Passivhaus represents an entirely modern and different method of construction to achieve exemplary eco-friendly results, which ultimately requires an in-depth knowledge of how building certification would have on both the valuation and legal processes.
The client completed on Aspen’s stepped rate product at 0.59% per month over a 12-month term.
The case was introduced by Jamie Lloyd at Xcel Finance and handled from start-to-finish by Aspen Bridging underwriter, Jamaal McKoy. Legals were handled by Adam Hattersley of Fieldfisher LLP and Ayesha Yunus of Ola Leslie Solicitors.
Jack Coombs, director at Aspen Bridging, said: “As always the team stepped up to the challenge, bringing together the developer, surveyor and legal teams in double quick time to cover all ramifications and deliver on the client’s requirement for a six-day turnaround.”