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Aspen Bridging and Crowd With Us partner on £3.3m deal

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  • 03/12/2019
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Aspen Bridging and Crowd With Us partner on £3.3m deal
Aspen Bridging has completed a £3.3m bridging loan in partnership with crowdfunding investment firm Crowd With Us (CWU).

 

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.

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

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Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions. Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.

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