Aspen has completed a £1.14m ‘no valuation’ bridging loan in three weeks on a 10-bedroom ‘party house’ in North Devon.
The deal meant the developer avoided a large fine from their previous finance arrangement.
Berry House in Bideford is a large Georgian farmhouse that can accommodate up to 24 people in opulent surroundings in an Area of Outstanding Natural Beauty, with the site also having several holiday-let cottages and outbuildings.
Having undergone significant development, the applicant required immediate funds to clear their existing finance facility as they risked incurring significant fees if not refinanced in time, as well as allow extra time for marketing and sale of the main property.
The deal was completed at 72% LTV on Aspen’s Flat Rate at 0.89% over 18 months. Exit will be through sale of the property, while holiday-lets onsite continue to generate income and other outbuildings are also sold off.
Ian Miller-Hawes, sales director at Aspen Bridging, said: “Speed was of the essence so the developer could avoid a hefty fine on their existing finance agreement, so our No Valuation product was the ideal solution.
“This case study really emphasises the fact that we are willing to deploy this unique product even on properties that are highly unusual and one-of-a-kind.”
