Aspen Bridging has completed an 82.5% LTV development exit case for £3.3m in partnership with the property crowdfunding investment firm, Crowd With Us (CWU).
The deal was finalised from 0.59% on a 10-month term – as several sales were imminently due to complete – and saw Aspen lend £2.735m while holding first charge against the development site. CWU raised £595k as mezzanine support.
Aspen said the client was an experienced developer coming to the end of his term finance, and was facing a potential addition charge of approximately £200,000 if the completion deadline was missed. Furthermore, funds were required to complete a site consisting of seven converted flats and seven newbuild houses in Malvern, Worcestershire.
Adam Minney, who advised the clients, commented: “Having dealt with Aspen before I knew they would work quickly and efficiently. Between us we came up with a solution to every problem encountered.”
Aspen said they provided an illustration in 15 minutes with a formal DIP in three hours, and that their director, Jack Coombs, then visited the site the following morning to review the security and understand the client’s needs, completing the case within the timeframe.
Coombs, added: “This was a great case study for our ‘Finish and Exit’ product and together with our partners, we were able to deliver the right result for a developer operating against the clock.”
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