Aspen Bridging has completed a £2.8m development exit bridge on a 14-unit development of houses in New Romney, Kent.

Completed in 20 days at 70% LTV, the project consists of a mix of two and three bed semi-detached and detached houses, both open market and affordable units, totalling over 15,000 square feet.

The developer required the loan to exit their existing facility and create an extended marketing and sales period which will generate circa £4 million pounds.

The deal was completed on the lender’s Stepped Rate product starting at 0.65% over 12 months.

The deal was taken from start-to-finish by Laura Randall, senior underwriter at Aspen Bridging.

Rory Cleary, head of sales at Aspen Bridging, said: “We were pleased to help yet another experienced developer raise much needed funds to realise their project’s maximum financial potential.

“Our stepped product perfectly fulfilled the requirements of our borrower whose development had reached end-of-build stage with sales imminent.

“Aspen are always keen to lend where the product on offer is one that the market will respond well to and this well-conceived and executed development certainly fulfils that criteria.”