The applicant required £1,080,000 upfront to refinance their existing lender and commence development of the property in Barnes, South-West London which involves a complete remodelling of a period block to revert four flats back into one large luxury dwelling.

The plans involve a number of sizeable extensions and basement excavations which will further add to the existing 3,000 sq ft footprint.

Completed at an initial LTV of 75%, the remaining £520,000 will be made available as the project progresses with the final GDV expected to be in the region of £3,000,000.

The lender also ensured that assistance was given when they were made aware of a planning breach relating to the configuration of the basement. Aspen’s team provided ongoing guidance and expertise to ensure that retrospective planning was granted prior to release of funds.

The deal was completed on the lender’s flat rate at 0.84% over 18 months. Exit will be achieved through sale of the completed project.

In line with Aspen’s one-person-per-case customer service philosophy the deal was taken from start-to-finish by Underwriting Manager, Richard Tweddell.

Richard said: “This is a considered, highly profitable project by an experienced overseas property professional who understands the scale of the of works involved.

“We are always here to support experienced developers - both domestic and foreign - and are happy to share our knowledge and expertise when challenges arise, as we did in working with the borrower in helping to secure retrospective planning permission on this deal.”

Aspen Bridging has just launched it’s new Rate Card (July 17), with the lender positioning itself a leading provider of refurbishment funding to UK developers.

The lender has cut its 80% Heavy Refurbishment product to 0.78% pm, a fall of 60 bps. It has also enhanced No Valuation Refurbishment product to offer 80% LTV at 0.83% pm, which was previously only available at 75% LTV.

Stepped Rates are also reduced for both products and are available from 0.39% pm, a 50bps cut.

The lender also has a new larger loan offering with flat rates from 0.75% pm and stepped rates from 0.39% pm for loans above £2m up to £15m net.