Aspen Bridging has provided a £6.5m development exit bridging loan to experienced developers, enabling the redemption of the development lender and freeing up equity in a capital raise to use towards their next project.

The loan was secured against 30 one-to-three bedroom apartments in a site comprising 42 units within walking distance of the high street and parks in Reigate, Surrey.

Aspen funded the full amount on day one, prior to practical completion sign-off, having been satisfied that remaining substation works were well progressed.

The 71% LTV deal was completed on Aspen’s Flat Rate at 0.94% per month over 12 months with no exit fees or minimum interest. Exit will be achieved through a combination of sale and refinance of the 30 apartments with a number of them already sold STC.

The deal was taken from start to finish by credit analyst, Richard Coombs.

He said: “This was a great case to work on, and a prime example of how established developers use bridging loans to ensure the seamless continuation of their works and projects.”