Bridging lender, Aspen, has revealed that an experienced developer is utilising a £2m, 80% LTV Finish & Exit bridge to redeem an existing development loan and complete an advanced nine-house development in Lancashire.
The development, which is 85% completed, comprises a mix of three-and-four bedroom detached and semi-detached houses totalling 10,699 square feet on the edge of Chorley with several sales agreed STC.
Aspen took the deal from start to finish in 17 days, with £1.8m clearing the existing facility and a further £200k available to allow completion of works.
The deal was completed on the lender’s Stepped Rate product starting at 0.59% over 12 months.
In line with Aspen’s Customer Service Commitment, the deal was taken from start-to-finish by underwriter, Richard Tweddell who worked alongside the monitoring surveyor to ensure the deal could be completed quickly before any charges were imposed.
Jack Coombs, director at Aspen, said: “This is a solid development project, we were more than happy to step in at the eleventh hour to refinance the development, finish onsite work and provide time to sell.
“This again shows our clear appetite to assist good developers with quality new-build projects, either part way through or at practical completion.”
