Situated in Hale, just outside Altrincham, the new-build six-bedroom, eight-bathroom detached house measures 6,889 square feet and incorporates a swimming pool with pool house, plus a cinema room, multiple private terraces, a gym and a library.

On day one £707,000 was released, with £500,000 needed to refinance an existing facility and £207,000 to continue works.

A further £310,000 is available in arrears to complete the project.

The case made use of the lender’s no-valuation process for speed, utilising its in-house RICS-qualified surveyors, despite being a high-value asset with significant construction remaining.

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There were also outstanding planning issues, with the developer amending the design partway through the build to maximise the end value.

Aspen took a holistic view of the project before proceeding, deploying its dual-representation legal service for increased efficiency and completion in under two weeks.

The deal was completed at 40% LTV on the lender’s stepped rate, starting at 0.35% over 12 months.

Exit will be achieved through the sale of the property, with final GDV circa £4.5m.

The application was managed from start to finish by underwriting manager Richard Tweddell.

Richard commented: “Aspen very much subscribes to the idea that ‘good business is good business’.

“So when we identify a scenario in which the project is being brought to fruition by a very experienced developer with a history of successful high-value projects, we act fast and deliver.”