Aspen has completed a £6.95m light development loan at 75% LTV in five days on a “super-prime” near-complete project in Kensington, London.
The developer, a Nigerian national, plans to complete the total transformation of a large end-of-terrace luxury townhouse comprising seven-bedrooms over seven floors to an high standard including spa and lift.
An initial £6.75m has been released to redeem the development lender with a further £200k available to drawdown later in the project to allow for the completion of the works.
The deal was agreed on Aspen’s Flat Rate at 0.95% over 10 months. Exit will be achieved by refinancing onto a buy to let mortgage once the project is complete.
Saif Khalique, Aspen’s head of underwriting, said: “We have completed several Light Development bridges for super-prime London properties this year, it is definitely an area where our understanding of high-end development projects and exceptional service levels are being truly appreciated by these select developers.
“Being able to complete the application from submission to the release of funds within just five days is raising the bar to new heights, there is no limit to what our team can deliver for our customers.”