Aspen Bridging has completed a £6.3m dual facility in just five days, funding two separate residential schemes in Bath and Cheltenham.
In Bath, the lender provided a £3.9m refurbishment bridge for the conversion of a historic church (pictured) into seven luxury apartments and a three-bedroom penthouse.
The loan, which began at 80% LTV, released £2.5m on day one with the balance made available to cover 100% of the works costs. Period features including the pulpit, organ and stained glass windows will be retained, with the centrepiece a reinstatement of the original staircase.
The deal, priced at 0.83% on a 10-month term, will be repaid through sales, with three units already agreed off-plan.
In Cheltenham, Aspen delivered a £2.4m serviced buy-to-let facility following the completion of a full office-to-residential conversion. The loan, agreed at 70% LTV on a one-year term, carries a 6.99% pay rate with 1.8% deferred.
The facility gives the developer time to sell some of the 15 completed flats while moving the remainder onto a longer-term buy-to-let product.
Both loans were managed from start to finish by credit manager Sinead McMurray under Aspen’s one-person-per-case approach.
Jack Coombs, managing director at Aspen Bridging, said: “We’re proud to have delivered two tailored facilities that addressed very different requirements across two prestige sites.
“By structuring a refurbishment bridge alongside our serviced buy-to-let offering, we provided the developer with the speed and certainty needed to keep both projects moving forward whilst still enabling the borrower the flexibility to pursue their best exit strategy.”
