Aspen funds light development project in Harrow
A property development firm has used Aspen Bridging’s Light Development product to secure its latest investment and fund its conversation.
The three-bedroom semi-detached property in Harrow received several offers within weeks of going on the market, and a turnaround from application to completion ensured the owner did not sell to another buyer.
Moving forwards the developer will complete a loft conversion funded by Aspen whilst obtaining planning for a single rear extension and the creation of two flats.
Aspen’s product also enabled the property to be revalued post-planning to enable funding for 100% of the next stage of works, with the first draw in advance, all fully included in the initial facility.
The £402,000 Light Development bridge, which includes £100,000 works in arrears, was secured at 75% loan-to-value (LTV) on the lender’s stepped rate product at 0.54% over a 12-month term.
The case was handled from start-to-finish by Jamaal Mckoy, underwriter and loans manager at Aspen.
Jack Coombs, director at Aspen Bridging, said: “This case is a great example of our Light Development product in action, enabling a purchase and re-valuation post planning to provide flexible draw-downs, plus all fees and interest are charged only on drawn funds.
“This gives the borrower the benefit of a supportive and flexible light development facility.”