A developer in Surrey has used Aspen Bridging’s Finish & Exit product to both complete a current project and buy a further substantial plot of land for a new scheme.
The four-bedroom luxury detached house in Windsor Great Park had a current value of £1.1m, requiring £350k of works to realise a gross development value of £1.8m.
Concurrently a larger plot of land in the same region had been noted for its development potential, so a facility of £1.2m was agreed at 0.61% per month initial rate with a term of 10 months.
Aspen’ issued an illustration promptly, with credit-backed terms in three hours before instructing surveyors and solicitors in the next hour.
An Aspen underwriter met the developer onsite. Further communication between the lender, broker Primus Finance and respective solicitors ensured a timely drawdown of funds. Commission was paid on the same day as completion.
Dave Fathers, head of bridging & development at Primus, said: “When this case came to us we immediately knew that Aspen’s Finish & Exit product would give our client the best leverage and rate needed to both finish their project and fund their next. A quick resolution ensured that works and purchase were not disrupted.”
The client added: “We were at a pivotal point during the scheme and required a fast and effective loan, Aspen and Primus delivered in all aspects. Their hands on approach delivered the desired speed and gains required, with special thanks to Harry at Aspen for pulling out all the stops.”