An experienced developer who altered plans mid-build to enhance the end value of a six-bedroom newbuild in Staffordshire has secured a £1.475m development exit facility from Aspen.

The borrower, who has worked with the lender several times since 2018, originally spent £500,000 on the land and construction of the shell of the 7,500-square-foot property in Stone.

Further time was needed after revised planning was submitted, prompting the search for additional funding to see the project through to completion.

Aspen advanced £350,000 upfront to redeem the existing lender and enable works to restart, with a further £1.3m available through drawdowns. The scheme includes extensive remodelling, significant groundworks across the five-acre site and the addition of a swimming pool. The final GDV is projected at £2.8m.

The loan was agreed at 70% LTV on a 12-month term, priced at 0.78% flat. The developer intends to exit through the sale of the completed home.

The case was handled from application to completion by Richard Coombs, director of operations, under Aspen’s one-person-per-case service model.

Coombs said: “Aspen continues to attract strong repeat business from experienced developers, with returning borrowers recognising the value of our consistent service via our in-house monitoring team, decision making reliability and commercially competitive approach.

“This customer loyalty highlights the strength of our delivery in the financial sector and the trusted relationships we build throughout every project.”