Aspen Bridging has completed a £1.05m development exit bridge for a returning client in just 10 days, enabling the borrower to repay an existing term lender without penalty and release funds for their next project.

The deal supported an experienced UK developer who had recently finished four new build properties on a plot in Biggleswade, Bedfordshire.

One four-bedroom detached house was used as security to cover the £740,000 redemption, while the remaining £310,000 was released to fund a new land purchase.

The bridge was completed at 75% LTV, priced at 0.83% flat over a 10-month term. Repayment will come from the sale of the property, providing additional time for the developer to achieve maximum value from the site.

As part of Aspen’s one-person-per-case customer service model, senior underwriter Laura Randall handled the application from start to finish.

Jack Coombs, chief operating officer at S&U plc, parent company of Aspen, said: “It’s always a pleasure to welcome back a repeat customer, not only because it simplifies the process but because it is proof of our truly exceptional service levels.”