The project consists of a mix of two- and three-bed semi-detached and detached houses, both open market and affordable units, totalling over 15,000 sq ft.
The developer required the loan to exit their existing facility and create an extended marketing and sales period which will generate around £4m.
The deal was completed on the lender’s stepped rate product starting at 0.65% over 12 months.
The deal was taken from start to finish by Laura Randall, senior underwriter at Aspen.
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Rory Cleary, head of sales at Aspen, said: “We were pleased to help yet another experienced developer raise much needed funds to realise their project’s maximum financial potential.
“Our stepped product perfectly fulfilled the requirements of our borrower whose development had reached end-of-build stage with sales imminent.
“Aspen is always keen to lend where the product on offer is one that the market will respond well to and this development certainly fulfils those criteria.”
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