Aspen Bridging has announced that it has stepped in to ensure the completion of a foreign developer’s project in Golden Green with an £855,000 multi-use Refurbishment facility.
With a final Gross Development Value of £1.6m, the agreement represents 76% LTV of current and 62% LTV of final value.
The North London development comprises an end-of-terrace house being reconfigured into three self-contained apartments with the developer requiring £535,000 to redeem the existing lender, £60,000 upfront for works to begin immediately and £260,000 available in drawdowns to complete the project.
The deal was completed on Aspen’s Flat Rate at 0.87% over 12 months. Exit will be achieved through the sale of the flats.
The case was expedited with the lender using their remote signing and witnessing agreements for international clients to ensure the funds were available on the exact day required.
In line with Aspen’s one-person-per-case customer service philosophy, the deal was taken from start to finish by Underwriting Manager Richard Tweddell.
Richard said: “This is a superb conversion project and one we were excited to support. We could see that this was a good development with great potential for profit. We created a strong understanding of what was required to complete the works with the borrower and are confident of the path to success.”
