At 82 per cent loan to value, the bridging finance was advanced to a property developer to provide him with an exit route for a development loan that was nearing the end of its term.

The finance was issued on a rate of 0.59 per cent over a ten-month term. Aspen lent £2.735m and took first charge against the development site while CWU raised £595,000 as mezzanine support.

Funds were required to complete a site consisting of seven converted flats and seven new-build houses in Malvern, Worcestershire.

Aspen provided a loan illustration in 15 minutes and a formal decision in principle in three hours.

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The company has a close relationship with CWU and worked together to underwrite the deal.