An experienced North London developer has turned once more to Aspen Bridging to support its latest acquisitions, securing £3.05m in funding for the purchase and redevelopment of two former NatWest bank branches.
The family-run firm, known for its expertise in repurposing commercial property, has acquired sites on Holloway Road in Holloway and Finchley Road in Hampstead. A total of £2.475m was released at completion to facilitate the purchases and kickstart construction, with a further £575,000 available via drawdowns.
Both properties will be converted under permitted development rights into semi-commercial assets comprising six apartments, two retail units and a basement storage facility for one of the company’s other businesses.
The scheme builds on the developer’s previous project on High Road in North Finchley, completed in 2023 and now valued at £2.2m. That asset was put forward as additional security to bolster the latest funding, allowing Aspen to increase the day-one loan amount.
The combined gross development value of the three projects stands at £6.7m.
Aspen provided the 16-month facility at 65% loan-to-value on its Flat Rate product, priced at 0.78% per month. The developer intends to retain all three buildings post-completion and refinance onto a term facility.
In line with the lender’s one-person-per-case approach, the transaction was handled from initial enquiry through to completion by underwriting manager Richard Tweddell.
“This is an established family-run business with extensive experience in the transformation of commercial units into mixed-use developments,” Tweddell said. “They are experts in the planning process and finding ways to add value to every scheme they engage with and we are happy to support their well-executed expansion.”
The transaction comes as Aspen rolls out a new rate card featuring reductions of up to 72 basis points across several of its core bridging products. Residential bridging is now available at 0.78% per month up to 75% LTV, while heavy refurbishment facilities can be secured at 0.83% per month at 80% LTV and 0.78% at 75%.
Stepped rates for all clients and products now start at 0.39% per month. Aspen’s No Valuation products have also seen a rate cut, now available at 0.84% per month at 75% LTV.
The lender has also introduced a new large loan offering, with flat rates from 0.75% and stepped rates from 0.39% for facilities ranging from £2m to £15m net.
