Aspen funded the full amount on day one, prior to practical completion sign-off, having been satisfied that the remaining substation works were well progressed.
The loan was secured against 30 one-to-three-bedroom apartments in a site comprising 42 units within walking distance of the high street and parks in Reigate, Surrey.
The 71% LTV deal was completed on Aspen’s Flat Rate at 0.94% per month over 12 months with no exit fees or minimum interest. Exit will be achieved through a combination of sale and refinance of the 30 apartments with a number of them already sold STC.
In line with the lender’s one-person per-case Customer Service Commitment, the deal was taken from start to finish by Credit Analyst, Richard Coombs.
Richard said: “This was a great case to work on, and a prime example of how established developers use bridging loans to ensure the seamless continuation of their works and projects.”
