At 71% LTV, the funds will be used to finish the build of four two-bedroom flats in a former terraced property in Cromer, Norfolk, while raising capital for the developer’s next project.
Aspen stepped in after the developer had become frustrated with another lender which was not moving their loan application forwards, with Aspen taking a pragmatic approach by using a no search indemnity to swiftly complete the deal.
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In-line with Aspen’s one-person-per-case customer service philosophy, the case was taken from start-to-finish by underwriter, Richard Tweddell and completed on the lender’s stepped rate starting at 0.65% over 12 months.
Jack Coombs, director at Aspen Bridging, said: “We know a good developer and a quality project when we see one, and this is why we have the flexibility in our lending criteria to ensure we can move swiftly and decisively when an application lands that needs action.”
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