LIGHT DEVELOPMENT

WHY & WHEN

This specialist product covers conversion schemes, Finish & Exits, structural works and extensions all at up to 75% LTV plus 100% cost of works.

KEY CRITERIA
Max LTV (day one) 75% LTV
Max LTGDV 70% LTGDV
Further advances 100% cost of works in arrears
Uses Finish & Exits, conversions, structural works, extensions & heavy & lighter refurbs
(not ground up or agricultural)
Valuation basis OMV 180 day
Properties Residential investment
Areas England & Wales
Security 1st charge
Sizes £150k - £5m net
Terms 12-18 months
Integrated Legals Available - 2 firms 1 process
Borrower type Individual & Corporate
Borrower residency UK & Foreign
Interest basis Retained
Customers Clean credit & non-PEP's
FLAT RATE PRODUCT
RATE
All clients & LTV's 0.84% - 0.89%
STEPPED RATE PRODUCT
All types & LTV's RATE
Initial Rate 0.44% - 0.54%
Initial Term 6 m
Total Term 12 m
Secondary rate 1.24%
Exit fee 1 month's interest

HOW IT WORKS

Step 0

Register as an introducer HERE.

Step 1

Send an enquiry to enquiries@aspenbridging.co.uk or call an underwriter on their mobile directly (c.30 mins) or use the portal to generate a quote yourself (instant).

Quotes will include integrated legals contact and fees - this is a specialist borrower solicitor service integrated with our lenders solicitors’ firm to maximise speed whilst offering independent advice.

Step 2

Submit the preferred option on our online portal with basic info on customers, the security and the solicitors.

You will be notified which underwriter your case is assigned to and within 3 hours you will receive a DIP post credit and land reg searches which will include case-tailored forms.

Step 3

Return the 1-page Authorisation Form and we will instruct the lawyers and valuers within 1 hour of receipt. Clients will need to put solicitors in funds for undertakings and pay valuers directly.

Step 4

We will share reqs list information with you every step of the way and work to help you and your client through to completion.

Step 5

Aspen releases funds for completion and pays introducers within hours of completion.

Step 6

Aspen will provide draw-downs in arrears of works in support of the project up to 100% of the cost of works.

This will either be done via a building surveyor or Aspen team member re-visit depending on level of works (or without a revisit based on build control or warranty sign-off) and turn arounds can be as fast as 48 hours.

We pride ourselves only supporting cases which we will see through to the end and are yet to leave a property unfinished.

CASE STUDIES

Hertfordshire - £450k

PASSIVHAUS BUILD

CLICK TO READ

Aspen provided a 75% day 1 offering to repay the existing lender and get a strong capital raise to help progress the build significantly. Further funding at 100% of works costs has been agreed in tranches.

The case was introduced by Tom Rowland at Pure Property Finance and handled from start-to-finish by Aspen Bridging Underwriter, Prabhat Talwar. Legals were handled by Adam Hattersley of Fieldfisher LLP

Given the hard deadline of the previous lenders redemption, it was a true test of Aspen's speed. Our legal team, in particular Leigh Haigh, completed the transaction within 5 working days of issuing the offer.

The client completed on Aspen's stepped rate product at 0.59% per month over a 12-month term.

Staffordshire - £800k

LIGHT DEVELOPMENT 75%

CLICK TO READ

Aspen provided a 75% day 1 offering to repay the existing lender and get a strong capital raise to help progress the build significantly. Further funding at 100% of works costs has been agreed in tranches.

The case was introduced by Tom Rowland at Pure Property Finance and handled from start-to-finish by Aspen Bridging Underwriter, Prabhat Talwar. Legals were handled by Adam Hattersley of Fieldfisher LLP

Given the hard deadline of the previous lenders redemption, it was a true test of Aspen's speed. Our legal team, in particular Leigh Haigh, completed the transaction within 5 working days of issuing the offer.

The client completed on Aspen's stepped rate product at 0.59% per month over a 12-month term.

PRODUCT TYPES

RESIDENTIAL

Our residential product supports purchases, refinances and capital raising on investment properties at up to 75% LTV.

RAPID
DESKTOP

This unique product enables genuinely urgent transactions at up to 65% LTV at initial quote stage and is guaranteed in under 10 (and can be as fast as 2) working days.

LIGHT
DEVELOPMENTS

This specialist product covers conversion schemes, Finish & Exits, structural works and extensions all at up to 75% LTV plus 100% cost of works.

LIGHT
REFURBISHMENT

This product covers lighter refurbishments at up to 75% LTV.

HMO's

Our specialist HMO product supports purchases, refinancing and capital raising on licensed HMO's at up to 70% LTV.

COMMERCIAL &
SEMI-COMMERCIAL

Our commercial offering covers prime commercial and semi-commercial properties within the new class E and B8 categories at up to 70% LTV.

LATEST NEWS

ASPEN SOLVES TWO PROPERTY
PROBLEMS IN ONE £2.3M BRIDGE

A rapid £2,327,250, 73% loan-to-value bridging loan from Aspen has saved a customer's £125k auction purchase deposit and provided additional funding on a part-finished development.

Completed in just 15 days at 0.49% for six months on the lender's stepped rate product, the deal brings together both a rapid auction purchase and finish-and-exit elements under one roof.

The auction purchase, a six-bedroom semi-detached in Wandsworth, was bought at the end of August with the monies required within a 15 day period.

The part-finished development project, a five-bedroom terraced property in the same area, was purchased in 2019 and still has £140k works outstanding. The deal also includes 100% works funding.

READ MORE