Aspen Bridging has completed its first case at the reintroduced 80% LTV on its Development Exit & Refurb product, following the recent launch of its new Summer 2023 Rates & Product Card.
The £457k facility both provided the borrower 80% LTV on completion to assist with the purchase of the property and made available a further £75k of drawdown, representing 100% of works costs.
The loan took under three weeks to complete from initial enquiry and it will be used to transform a three-bedroom semi-detached house in Harrow, London into a four-bedroom HMO.
The deal was completed on Aspen’s Stepped Rate product, starting at 0.65% over a 10-month term. Exit will be achieved through sale of the property.
The application was taken from start-to-finish by Underwriter, Sinead McMurray who joined the business in May 2022 through the lender’s Graduate Recruitment Scheme.
Jack Coombs (pictured), director at Aspen, said: “In 2019 we became one of the first lenders to launch an 80% LTV bridging product which showed our appetite to assist good developers on quality projects, so to be able to relaunch that product is very positive.”
