Aspen Bridging has completed a £2.1 million no valuation bridging loan within 28 days, enabling an experienced developer to redeem an existing loan ahead of deadline and avoid default interest.
The funding supports the completion of six high-spec apartments – comprising one, two and three-bedroom units – in Pinner, within the London Borough of Harrow. The project, valued at £2.8 million, represents a 74% loan-to-value (LTV).
Aspen moved swiftly to provide a 10-month facility on its Flat Rate product at 0.79% per month.
The exit strategy is via the sale of all six units, with two already under offer at a combined value of £1.1 million. These transactions are set to complete once Building Control sign-off is secured.
ONE-PERSON-PER-CASE
The case was handled from start to finish by Aspen Underwriting Manager Richard Tweddell, in line with the lender’s one-person-per-case service model.
He says: “We spoke to the broker and developer and took a commercial view on the status of Building Control sign-off, which will be realised in the not-too-distant future.
“Once the situation was understood we moved quickly to ensure the existing development loan was redeemed before any charges were realised and agreed a 10-month term to give ample time to complete the sales and achieve maximum profit from the project.”
Aspen’s No Valuation product is designed for time-sensitive transactions and offers up to 75% LTV on loans of up to £3 million net. Completion is possible in under 10 working days where required.
The product is available to UK and international borrowers and can be used for both development projects and capital raising on properties in England and Wales. Flat rates start at 0.79% per month, with stepped rates from 0.45% in the initial period.
