Aspen Bridging has announced the completion of a £3.38m finish and development exit loan for five detached houses in Bedfordshire.
With the build having been significantly delayed by COVID-19, the developer was reaching the end of their current facility with £400,000 of works remaining, and required funds to clear the existing finance, complete the properties and allow sufficient time for marketing to realise maximum value.
The bridge, introduced to Aspen by George Wells at Finspace Group, was secured at 70% LTV on the lender’s flat rate product over a 12-month term.
Aspen’s Bedfordshire deal comes weeks after another £4.55m development exit bridge on a development in Kent.
Aspen director, Jack Coombs, said: “We are excited to be working together with Finspace in helping this excellent developer, whose three-phase multi-unit project we are proud to be financing.
“Finish and development exit cases come in all shapes and sizes, and with our competitive offering up to £5m, our flexibility and understanding of the issues, we expect this pipeline to increase through 2021.”
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