The church will be turned into seven one- and two-bedroom apartments along with a flagship three-bedroom penthouse.

Starting at 80% LTV, the developer required a £3.9m facility with £2.5m released on day one and the remainder available to fund 100% of the works costs.

With an additional purchase of a car park to provide parking for every home in the development, the refurbishment bridge was completed on Aspen’s flat rate of 0.83% on a 10-month term.

Exit will be through sale of the apartments, with three already agreed off-plan.

For the second deal, Aspen provided a £2.4m residential serviced BTL facility following the redesign and refurbishment of an office building into 15 one- and two-bedroom flats in Cheltenham.

•   B&C Awards 2025: The Video
•   Aspen launches new dual legal representation
•   Aspen provides £1.6m bridge for north London residential investment

This loan will allow the borrower time to sell an unallocated number of flats, with the remainder exiting on a BTL product.

Aspen’s BTL product is only available following a bridge period with the lender.

The deal was completed at 70% LTV on a one-year term at 6.99% pay-rate with 1.8% deferred.

Both deals were taken from start to finish by credit manager Sinead McMurray.

Jack Coombs, managing director at Aspen Bridging, commented: “We’re proud to have delivered two tailored facilities that addressed very different requirements across two prestige sites.

“By structuring a refurbishment bridge alongside our serviced BTL offering, we provided the developer with the speed and certainty needed to keep both projects moving forward while still enabling the borrower the flexibility to pursue their best exit strategy.”