Aspen Bridging has completed a £150,000 development exit bridging loan on a property in Wales, using only its desktop valuations system to overcome national lockdown restrictions.
The lender revealed the money was required to complete a current project in Llangollen, which has £50,000 of works outstanding, with the remainder being used to improve cash flow to secure the next development project nearby.
Aspen suggested the case was further complicated as the site was not signed off by building control, required rectifying works, while the warranty was also not finalised.
The loan was completed on the lender’s stepped rate product, with the deal starting at 0.59% per month for the first half of the 12-month term.
“This case is testament to our expertise in development exit transactions, and would not have been possible without our desktop valuation system which was cost effective and time efficient in meeting the deadline for the client,” Aspen director, Jack Coombs, commented.
“COVID-19 is still causing disruption to normal practices, especially at that time of instructing the valuation as there had still been lockdown restrictions in Wales making it almost impossible to get a physical inspection.
“Our flexibility for development exit deals enabled the client to complete on their next site purchase even though the final warrantee hadn’t been obtained and there were further delays to the building control sign-off. Given all the circumstances surrounding the deal, this is a pretty unique completion.”
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