On day-one, £1.85m has been released to refinance an existing lender on a large semi-detached period conversion in Holloway, North London.

The recently completed refurbishment of the 3,700 sq ft project features five luxury apartments comprising one and two bedrooms, all finished to an exceptionally high standard.

The initial tranche also allows the borrower to release capital with the aim of funding the professional fees soon due to be paid for a Section 106 planning application on a separate adjacent site, with further funds held in reserve to support the submission if needed.

A further drawdown of £1.15m has been made available should the applicant identify their next project and need to move quickly to complete the purchase, allowing for maximum flexibility.

Exit will be achieved through sale of the completed apartments in Holloway, with two already sold subject to contract. The refinance will allow additional time for a tightly controlled sales process on the other three units.

The No Valuation bridge was finalised at 0.83% per month over 10 months, with a day-one LTV of 48%, potentially rising to 80% with additional tranches.

In line with the lender’s one-person per-case Customer Service Commitment the application was taken from start-to-finish by Senior Underwriter, Laura Randall.

Laura said: “We're always keen to lend where the security is strong and the borrower experienced, this case had both. With five high-quality apartments in a highly desirable part of North London, and units already transacting, the fundamentals were excellent.

“Once again our award-winning No Valuation product demonstrated why it has become the go-to solution for experienced developers, delivering the funding, flexibility and speed to seamlessly transition from one project to the next.”

Aspen’s product range includes Bridging, Ground Up Development and its award-winning Bridge-to-Let and No Valuation offerings.

Flat Rates start from 0.74% per month up to 80% LTV with Stepped Rates starting at 0.35% per month.

With maximum loan sizes up to £15m, the lender has positioned itself as a leading provider of refurbishment finance for UK and overseas developers and property professionals.