Aspen partners with Crowd With Us for bridging deal
Aspen Bridging has partnered with property crowdfunding investment firm, Crowd With Us (CWU) to complete an 82.5% LTV development exit case at £3.3m.
Aspen lent £2.735m and held first charge against the development site while CWU raised £595,000 as mezzanine support. The deal was finalised from 0.59% on a 10-month term.
The client, an experienced developer, was coming to the end of his term finance and faced a potential addition charge of around £200,000 if the completion deadline was missed.
Funds were required to complete a site consisting of seven converted flats and seven new build houses in Malvern, Worcestershire.
Adam Minney advised the client.
He said: “Having dealt with Aspen before I knew they would work quickly and efficiently.
“Between us we came up with a solution to every problem encountered.”
An illustration was provided in 15 minutes with a formal Decision in Principle (DIP) in three hours.
Jack Coombs, director at Aspen Bridging then visited the site the following morning to review the security and fully understand the client’s needs.
The case was completed within the timeframe.
Coombs added: “This was a great case study for our Finish and Exit product and together with our partners we were able to deliver the right result for a developer operating against the clock.”