Aspen has completed a £1,125,000 development exit bridge to support an experienced developer in finalising their project and securing funds for an onward purchase.

The scheme involved the reconfiguration of a three-storey end-terraced house with a cellar in Clapham (main picture) into a six-bedroom HMO. Additional time was required to address final snagging items and obtain the necessary local licence before the units could be let.

Aspen’s facility enabled the developer to refinance their existing lender at £720,000 ahead of term, complete the remaining works and raise further capital.

The deal was completed at 75% LTV at 0.78% Flat over 10 months. The client will apply for the HMO licence during the term, with the planned exit via refinance onto a longer-term product.

The application was managed from start to finish by underwriting manager Richard Tweddell (main picture, inset).

He said: “With bridging, flexibility is essential. We structured the loan to ensure the developer had everything needed to complete the project and move forward with confidence.”