Having
already spent £500,000 to buy the land and create the shell of a newbuild
six-bedroom house with 7,500 square feet of floor space in Stone, Staffordshire
the applicant submitted revised planning and required extra time for both approval
and extended completion of works.
The
developer, a returning borrower who has worked with Aspen on multiple occasions
since 2018, received an initial £350,000 upfront to redeem the current lender
and recommence works with a further £1,300,000 available to complete the
project through drawdowns.
With
the remodelling, extensive groundworks over the five-acre site and the addition
of a swimming pool, final GDV is expected to be £2.8m.
The
deal was completed at 70% LTV at 0.78% Flat over 12 months. Exit will be
achieved through sale of the house.
In-line
with the lender’s one-person per-case Customer Service Commitment the application
was taken from start-to-finish by Director of Operations, Richard Coombs.
Richard
said: “Aspen continues to attract strong repeat business from experienced
developers, with returning borrowers recognising the value of our consistent
service via our in-house monitoring team, decision making reliability and commercially
competitive approach.
“This customer
loyalty highlights the strength of our delivery in the financial sector and the
trusted relationships we build throughout every project.”
Aspen’s portfolio of products includes Bridging,
Ground Up Development and its award-winning Buy To Let. With a maximum loan
size of £15m with LTVs up to 80%, the lender has established itself as a
leading provider of refurbishment funding to UK and overseas developers and
property professionals.