You are here: Home -

Aspen deal gives borrower time to sell development following Covid delays

by:
  • 15/09/2020
  • 0
Aspen has completed a £1.5m, 75 per cent loan to value (LTV) development-exit bridge on two semi-detached new build homes in Hertfordshire, giving the client extra time to secure market value sales following Covid delays.

 

The case was completed on the lender’s flat rate product at 0.89 per cent across a 10-month term, with no early repayment charge and no exit fees.

The developer was looking for a capital raise on the site whilst extending the marketing period of the houses.

Snagging work remains on the properties after completion was pushed back by the pandemic.

As build control sign-off and warranty were still to be provided, Aspen liaised directly with the build control inspectors and warranty providers to understand the project was progressing properly and ensuring completion was not delayed.

The case was presented to Aspen by Michael Adam, director at PCF.

Jack Coombs, director at Aspen Bridging (pictured), said: “At any time there are developments that require a little extra time either due to works or planning overruns to ensure they achieve market value. Our development-exit bridge fits this requirement now more so than ever.”

Tags

There are 0 Comment(s)

You may also be interested in

Read previous post:
Equifinance returns to market with ‘real appetite to lend’

Second charge lender Equifinance has returned to the market after withdrawing from the sector at the end of March.

Close