The deal gave the developer the extra time it needed to complete works that had been delayed by the Covid-19 crisis.
Passivhaus is an eco-friendly system of design and build, which requires specialist knowledge of the ways that building certification can impact on valuation and the legal process.
The bridge was secured on a fixed rate at 66 per cent loan to value (LTV), over a term of 12 years.
The project comprises eight detached, and six semi-detached homes of three, four and five bedrooms, at a site in Faversham, Kent. It won the What House? 2020 Award Gold Winner in the Best Sustainable Housing Development category.
In February, the same developer had secured a separate £1.16 million development exit facility from Aspen, on three new build detached homes in Kent.
Both cases were handled from start to finish by Prabhat Talwar, senior underwriter at Aspen. Talwar’s work with the client in February ensured he understood the requirements of the latest deal from the outset, ensuring a seamless transaction.
The lender’s rate care offers a stepped rate of 0.44 per cent and a flat rate of 0.74 per cent. They are available across all products, up to a maximum loan size of £5 million net, and 75 per cent LTV, from six to 18 months.