The client was developing a wind and watertight four-bedroom detached house in Windsor Great Park. The property was valued at £1.1m and required £350,000 of works to reach a gross development value of £1.8m.
At the same time, the client wanted a loan facility on another, larger plot of land with development potential nearby.
Aspen’s underwriter assessed the efficiency of the build team and the client’s bigger plan by visiting the site.
The lender agreed a bridging finish and exit loan of £1.2m at an initial rate of 0.61 per cent over 10 months. Aspen issued the illustration within minutes, credit-backed terms inside three hours and the hour after that instructed surveyors and solicitors.
Then Aspen, the broker Primus Finance and the respective solicitors communicated rapidly ensuring quick drawdown of funds.
The commission was paid on the day of completion.
Wind and watertight projects
“We immediately knew that Aspen’s finish and exit product would give our client the best leverage and rate to finish their existing project and fund the next one,” said Primus head of bridging and development Dave Fathers.
“The quick resolution ensured that the works and purchase were not disrupted,” Fathers added.
The client praised Aspen and Primus for delivering “a fast and effective loan at a pivotal point in the scheme. They pulled out all the stops to deliver the speed and gains we required.”
Aspen’s finish and exit product is available up to 80 per cent loan to value with monthly rates from 0.45 per cent, with maximum net loan size for portfolios at £4m and for single properties at £2m.