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Aspen completes £2.3m multiple-use bridge loan

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  • 20/10/2020
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Aspen completes £2.3m multiple-use bridge loan
Aspen has completed a £2.3m bridge which covers an existing lender repayment, plus finish and exit on a luxury house along with the purchase of a high-end apartment.

 

The first repayment was for an eight-bedroom newbuild mansion in Hornchurch.

The client was nearing the end of the development and was looking to capital raise on the site to fund the purchase of an investment property while extending the marketing period of the development.

As build control sign-off and warranty were still to be provided, Aspen liaised directly with the developer to gain all the needed information and ensure completion was not delayed.

The second element – the purchase of a three-bedroom newbuild flat in Canary Wharf – was funded in full including stamp duty and all associated fees.

The apartment had an outstanding issue to remedy for the purposes of the EWS1 form, and the lender liaised directly with developer Ballymore to get confirmation this was in hand.

Aspen provided 72 per cent LTV at a rate of 0.49 per cent for the initial six month period of the 12-month term.

The application was introduced by Foyaz Ahmed at Rainstone Money and John Smith of Fieldfisher LLP handled legals.

Harry Baker, credit manager at Aspen handled the case.

He said: “We will always back quality developments that require extended sales periods, but to do so while capital raising to 100 per cent to fund another purchase clearly demonstrates our flexibility and willingness to take-on complex cases where other lenders would walk away.”

 

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