Aspen Bridging has completed a £1,360,000 Light Development bridge in 18 days, comprising £325k on day one for auction purchase and £900k in arrears to fund conversion works.
The deal, which equates to a 65% LTV on day one and 70% LTGDV, will enable an experienced developer to turn a Wolverhampton-based three-storey commercial unit and office space into 14 studio, one and two bedroom residential apartments. Planning applications had already been agreed.
The broker said they selected Aspen based on its track record of completing deals under the industry average, which according to Bridging Trends stands at 47 days in Q2, 2021.
In September the lender completed 50% of new loans within 20 days, and 67% in under 30 days of initial application.
The case was finalised on Aspen’s Stepped Rate, starting at 0.39% over 12 months, and the developer will exit through refinance.
Amir Din from UK Mortgage Specialists said: “Having built an excellent relationship with Aspen I trusted them with this auction case knowing that they would deliver in time for the borrower. Having a dedicated Underwriter from start-to-finish made the process really time efficient on such a time sensitive case.”
Jack Coombs (pictured), director at Aspen, added: “It’s great to be trusted once again by our intermediary partners for an auction purchase. From day one we understood exactly what the client required and achieved this within the timeframe.
“Bridging should be quick, without taking unnecessary risks, and we have proved once again we are the lender to rely upon.”