Aspen has completed a finish and exit bridge in a matter of weeks with a £6m loan at 75% LTV on an ultra-luxury Georgian Stucco house in Kensington, London.
The project has already seen major construction take place, with the developer needing £5m to cover the existing loan with a further £1m made available for drawdowns to complete the remaining works.
Once completed, the six-storey end-of-terrace mansion will comprise seven bedrooms, lift, spa facilities and private cinema across 5,500 square feet.
The gross development value is £11m, with exit to be achieved through sale.
The deal was taken from start to finish by underwriting manager, Saif Khalique on a late rate of 0.95% over 12 months, in line with Aspen’s one person per case customer service philosophy.
The deal marks the second recent ultra-luxury completion following a £7.15m refurbishment bridge on a property in the heart of Belgravia, with the cost of works making it currently one of the most high value private redevelopments in the UK.
Director at Aspen Bridging, Jack Coombs, said: “We have a strong appetite for high-value refurbishment and finish and exit loans and we are winning the trust of brokers and experienced developers. Our strong equity funding and commitment to service makes us the go-to lender in this space.”
Aspen Bridging’s latest 2023 rates and product card has flat rates, across all product types including heavy works, available at 0.89% plus one month’s exit at 80% LTV as well as 0.89% at 75% LTV and 0.85% at 65% LTV.
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