Despite all three projects having been visited and ready to complete, drawdown was delayed until planning approval had been granted for the church conversion, at which point the lender released funds on the very same day.
At the Cheltenham site 18 flats are to be reconfigured to 15 refurbed one- and two- bedroom flats, while the church in Bath is being converted into eight one- two- and three-bedroom units with the additional land purchase providing parking spaces for the new tenants.
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The 65% LTV deal was completed on a flat rate of 0.94% per month over 16 months, with the exit to be achieved through completion of all works and sale of several units, with the apartments in Bath being sold off-plan and the penthouse already reserved.
The deal was taken from start-to-finish by Richard Tweddell, senior underwriter.
Ian Miller-Hawes, sales director for Aspen Bridging, said: “Here we have three separate sites which all have various levels of required works, an intricate investor structure, and an all-too-familiar planning hold-up yet we still have everything in place to release the funds the second the applicant requires.”
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