Aspen Bridging has delivered a £1,575,000 no-valuation bridging loan in nine days to support a developer’s super-prime acquisition in Regent’s Park and the completion of a high-end refurbishment in Fitzrovia.
The funding was structured to meet the borrower’s dual requirements. The bulk of the advance — more than £1.55m — enabled the acquisition of a three-bedroom stucco-fronted house in Regent’s Park, one of London’s most desirable residential locations.
The remaining £25,000 will go towards finishing a long-running renovation project in Fitzrovia, a scheme that is now only weeks from completion and is expected to achieve a gross development value of £2.3m.
The case was handled by credit manager Sinead McMurray, in line with Aspen’s one-person-per-case model. The lender deployed its no-valuation product to accelerate the funding process, ensuring the borrower could meet pressing timelines on both projects.
The bridging loan was provided on Aspen’s stepped rate product, with an initial rate of 0.55% per month over a 10-month term. The developer plans to exit the loan through refinancing, once final works on the Fitzrovia property are completed.
McMurray said: “This deal involves a serial developer who has a dedicated team who have worked on numerous super-prime projects over the last five years, and naturally we were happy to step in and become a partner in this truly compelling property success story.”
