With a development of eight four-bedroom, four-bathroom new-build townhouses in Sunderland nearing practical completion, £475,000 was needed to redeem the existing lender, along with £250,000 in drawdowns to complete outstanding works and £500,000 to release capital to spend on other projects.

The deal was completed at 70% LTV, with the properties being revalued in the days prior to completion as works had progressed; this meant the borrower was able to release more funds from the assets on day one.

The scheme stands at 9,000 square feet with a final GDV of over £1.7m.

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Exit will be achieved through sale of the entire North East development, with the optional BTL period favoured by the borrower to gain additional time if sales take longer than expected.

The bridge term was finalised on Aspen’s stepped rate, starting at 0.5% per month over a 12-month term.

This will be followed by a BTL period serviced at 6.49% per annum over two years.

The case was seen from start to finish by underwriter Daniel Tame.

Jack Coombs, COO at S&U PLC, Aspen’s parent company, said: “This transaction highlights the strength of our product design and flexible funding approach, allowing the borrower to redeem their existing lender, complete the development and release capital within a matter of weeks.

“By combining our no-valuation and bridge-to-let products we were able to deliver multiple outcomes from a single facility while supporting the developer’s wider pipeline and future sales strategy.”