Aspen Bridging has completed a £2.25m loan for an existing client after the developer’s last-minute change of plans on a Surrey development required a sales exit bridge.
Originally the enquiry was a £6m conversion loan on which Aspen issued a full offer, but the developer then decided to sell the property and focus on their existing international projects.
The developer had previously acquired and obtained planning permission for a four-storey Edwardian manor house, built in 1874 and sitting on 1.58 acres of matures gardens in Englefield Green, Surrey, with the intention to develop.
However, with other international projects ongoing, the client decided to sell the UK project to another developer. Previously used as offices, the planning enables the property to be converted into an eight-unit scheme comprising of six flats and two adjoining houses with a GDV £10.8m.
After the change Aspen fully re-underwrote the deal and liaised with planners directly to allow the refinance deal to complete prior to the decision notice being published following direct confirmation that committee had given approval.
The deal was concluded within three weeks at 65% LTV based on current market value with planning.
Jack Coombs, director at Aspen Bridging, said: “The fact that we had a pre-existing relationship with the client, they spoke to us about their situation and we in turn completely revised our loan from a redevelopment to a sales facility shows the pragmatic and cooperative approach we take when dealing with borrowers and brokers alike.
“Our underwriting manager, Saif Khalique took a common-sense overview of the deal which enabled the client to change their investment strategy, something highly valuable in what is a constantly changing macro-economic environment.”
