The client required the facility to complete the development of a 19th century five-bedroom detached house with a swimming pool extension, courtyard and games room, as their previous lender failed to provide further drawdowns in a timely manner — thus causing delays.
Aspen was able to provide the funds at 75% LTV based on current market value, on the lender’s stepped rate starting at 0.49% per month over 10 months.
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The client used £900,000 of the total facility to refinance their existing debt and £200,000 to recommence the development works, with the remaining £175,000 pending for the next development stages of the project.
The deal was handled by Aspen’s underwriter Richard Tweddell.
Jack Coombs, director at Aspen, said: “Throughout our loan book we are developing a large number of strong business relationships with experienced developers who come back to us time and time again, as we are quick to complete, engaged and transparent in every single deal.”
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