An experienced developer left facing substantial fines following the late withdrawal of a buy-to-let mortgage offer has been saved by a £5.1m gross development exit loan from Aspen Bridging.
The client was at the end of an existing development finance deal and had planned to move the two, two-bedroom apartments in South Kensington onto a long-term deal having completed the properties in late October.
When the broker approached Aspen to explain the issue the developer had decided to sell the properties, and the lender agreed a Flat Rate bridge at 0.82% per month over 12 months with zero early repayment changes.
A second charge will sit behind the loan due to the 69% LTV position.
The case was seen through to completion by Aspen’s Jack Coombs, director, Ian Miller-Hawes, head of sales and Aqib Iqbal, credit analyst.
Mike Kelsey, head of sales for Yellow Stone Finance, said: “Jack, Ian and Aqib have yet again provided us with a reliable and cost-effective solution for our client. Brilliant process married with a great rate, what more could we ask for?”
