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.”

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

Rightmove warns property tax reforms could stall housing market

Rightmove has warned the government that proposed changes to property taxation risk distorting the...

Bradford retains crown as UK’s leading property hotspot

Bradford has once again been named the country’s most in-demand housing market, topping OnTheMarket’s...

Keystone reduces expat buy-to-let rates and adds new product

Keystone Property Finance has reduced rates across its expat buy-to-let range, cutting selected fixed...

Gatehouse cuts buy-to-let rental rates and eases paperwork

Gatehouse Bank has cut rental rates by 0.25% across its buy-to-let purchase plans for...

The Exeter: most consumers value advice when purchasing insurance

Almost two-thirds of consumers prefer to purchase insurance following professional advice, according to new...

Latest publication

Latest opinions

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...

Passing the affordability exam

As teachers and students of various ages have spent August nervously opening exam results...

Investors are changing their approach – and lenders should too

The buy-to-let market never stands still, but the pace of change in recent years...

Leasehold fees, specialists and the need to shop around

Leasehold properties account for around 20% of all dwellings in the UK, and while...

Other news

Rightmove warns property tax reforms could stall housing market

Rightmove has warned the government that proposed changes to property taxation risk distorting the...

Bradford retains crown as UK’s leading property hotspot

Bradford has once again been named the country’s most in-demand housing market, topping OnTheMarket’s...

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...