Aspen Bridging has completed a complex £2.2m refurbishment loan for a developer using two London apartments as security for the purchase and development of a luxury Cambridge property.
The day one gross loan totalled £1.6m, equalling 75% LTV, funding in full the acquisition of the five-bedroom detached house and additional funds to allow work, which includes the addition of 1,000 square feet of new living space, to commence immediately.
A further £0.6m is available as the project continues. The end GDV of the project is £3.1m.
The security properties included luxury London apartments in the C82 Capital Building on Union Square (pictured) and 2104 Dollar Bay, the second being used to allow the lender to increase the LTV it could initially offer.
The deal, which was taken from start-to-finish by Aspen’s underwriting manager, Saif Khalique, was concluded on the lender’s stepped rate which will start at 0.59% per month, with the loan agreed over 12 months.
Exit will be achieved through the sale of the properties.
Robin Delport, the broker involved in the case, said: “The purchase of the high value property in Cambridge was made possible by Aspen through their clear expertise in this sector. Having dealt with Aspen a few years ago I knew I would receive a DIP quickly and they would achieve a short turnaround for a high-net worth client.
“The case was also complex due to some of the assets held and several changes were needed last minute to keep the deal on track, but Saif provided an excellent hands-on approach which proved vital to taking the deal through to completion. I would recommend Aspen without a question.”
