Aspen Bridging has delivered an £855,000 multi-use refurbishment facility to a foreign developer completing a residential conversion in Golden Green, Kent. property market.
The funding enables the borrower to redeem an existing facility, restart construction and access further capital to finish the scheme. The project involves transforming an end-of-terrace house in North London into three self-contained apartments. The final gross development value is expected to reach £1.6m, equating to 76% LTV on current value and 62% on the anticipated value.
Under the terms of the agreement, £535,000 was used to settle the previous lender, with an initial £60,000 released to restart works and a further £260,000 available in drawdowns. The loan was completed on Aspen’s 12-month flat rate product at 0.87% per month, with the exit strategy based on the sale of the completed units.
The case was fast-tracked using Aspen’s remote signing and witnessing protocols tailored for international applicants, ensuring that funds were made available on the exact day required. It was managed from application to completion by underwriting manager Richard Tweddell under the firm’s one-person-per-case model.
Tweddell said: “This is superb conversion project and one we were excited to support. We could see that this was a good development with great potential for profit. We created a strong understanding of what was required to complete the works with the borrower and are confident of the path to success.”
The deal highlights Aspen’s ongoing support for international clients and its capacity to underwrite complex refurbishment cases. The lender’s 2025 rate card offers flat rates from 0.79% and stepped rates from 0.45% per month.
Aspen’s heavy refurbishment bridge is currently available at up to 75% LTV with rates from 0.87%. The lender’s development exit and refurbishment product has also been revised, now offering up to 80% LTV with rates from 0.89%, and up to 75% from 0.84%.
Aspen’s maximum loan size now stands at £15m net as it targets growth in the super-prime and large-scale development exit markets across England and Wales. All products are open to UK and overseas developers and investors.
