Aspen has completed a £1.1m residential bridging loan for a Nigerian national property developer seeking to free up capital for an onward development purchase.

The 80% LTV facility means the client can refinance onto a longer term solution at a later date once the property’s works have been completed and the value enhanced.

The international developer bought the 2,960 sq ft semi-detached property in Hendon, London, in late 2022 and is close to completing extensive refurbishment, extension and external works to create a six-bedroom house complete with cinema room and landscaped gardens.

With approximately £25k of works still required, the final Gross Development Value (GDV) will be £1.5m with exit to be achieved via refinance onto a buy-to-let mortgage.

The deal was completed on Aspen’s Stepped Rate starting at 0.59% per month over 10 months.

The deal was taken from start-to-finish by Saif Khalique, Aspen’s head of underwriting, who said: “This is a classic example of an experienced developer knowing their timescales, both of the existing project and the need to move onto the next plan, and using bridging to reach their desired outcome. This is why bridging remains the ultimate multi-faceted, quick financial solution.

“This was a great case to work on, and a prime example of how established developers continually trust Aspen with their development facilities thanks to our proactive approach to lending and straightforward drawdown process.”