Specialist lender Aspen Bridging has provided a £2.1m no valuation bridging loan within 28 days, allowing an experienced developer to redeem an existing facility ahead of default charges and secure time to achieve Building Control approval and complete unit sales.
The property, a six-unit residential scheme comprising one, two and three-bedroom apartments in Pinner, within the London borough of Harrow, carries a gross development value of £2.8m. The facility was agreed at 74% loan-to-value and offered on Aspen’s flat rate product at 0.79% over a 10-month term.
Two of the six apartments, with a combined sale value of £1.1m, are already under offer. Proceeds from these transactions are expected to begin flowing as soon as Building Control sign-off is received, providing an initial route to repayment. The remaining exit strategy is based on the sale of all six units.
Richard Tweddell, underwriting manager at Aspen, led the transaction from start to finish in line with the lender’s customer service model.
“We spoke to the broker and developer and took a commercial view on the status of Building Control sign-off, which will be realised in the not-too-distant future,” said Tweddell.
“Once the situation was understood we moved quickly to ensure the existing development loan was redeemed before any charges were realised and agreed a 10-month term to give ample time to complete the sales and achieve maximum profit from the project.”
The loan was secured through Aspen’s No Valuation product, a solution designed to facilitate urgent transactions of up to £3m net and up to 75% LTV, without the delay of a formal valuation. The product can complete in fewer than 10 working days where required, with rates from 0.79% per month on a flat basis and stepped options from 0.45% monthly.
Available to both UK and overseas developers and investors, the No Valuation offering supports capital raising and development financing on projects throughout England and Wales.
