Aspen competes £1.13m dev exit loan

Published on

Aspen Bridging has provided a borrower with a £1,130,000 development exit loan in just 14 days to allow much-needed time to resolve outstanding issues.

The recently modernised and extended five-bedroom, four-bathroom detached property on a 0.5 acre plot in Esher, Surrey still had some pre-commencement conditions outstanding relating to the original planning permission, and the applicant was submitting a new application to have these resolved.

Aspen’s in-house planning consultant worked closely with the developer to deep-dive into the matters raised to be confident that the application would resolve the problems and so then released the funds required to support the project.

The deal was completed at 75% LTV on Aspen’s Flat Rate at 0.89% over 12 months. The new planning application has subsequently been approved and the borrower has a sale going through on the unit.

Ian Miller-Hawes, sales director at Aspen Bridging, said: “This is a prime example of how we are willing to work closely with proven developers, understand their projects and any outstanding issues, then work hard to resolve these and deliver the best financial solution. We welcome all complex cases.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...