Aspen, a lender that became prominent in the high-end London property market in 2023, completed a Development Exit loan valued at £3,650,000 at a 70% Loan-to-Value (LTV) ratio. This loan supports a luxuriously updated three-bedroom duplex in Belgravia, allowing the developer extra time to sell the property which is currently being negotiated.
The Development Exit loan is structured with a Stepped Rate starting at 0.65% monthly over a 10-month term.
Meanwhile, close by in Chelsea, Aspen provided a Refurbishment bridge of £2,470,000 to an additional developer. This includes an initial £1,900,000 with an additional £570,000 allocated for the renovation and expansion of a four-bedroom, four-story Victorian terrace, which is set to feature a full loft conversion and side extension.
“Aspen’s recent transactions demonstrate their deep understanding of this sector and their ability to consistently provide flexible financial solutions throughout the development cycle.”
– Rory Cleary, Aspen Bridging
This Chelsea project’s financial arrangement is at a 75% LTV with a fixed monthly rate of 0.95% over a year, aiming for completion through property sale.
Apart from these ventures, Aspen has finalized a Finish & Exit bridge for a substantial £6 million at 75% LTV on a large Georgian stucco residence in Kensington. Another notable funding was a £7,150,000 Refurbishment bridge on a prestigious redevelopment project located in central Belgravia.
Rory Cleary, Head of Sales at Aspen Bridging, said: “In my initial weeks, it’s been stimulating to observe the variety and magnitude of closed deals, ranging from luxurious individual homes in West London to larger multi-residence setups and even modest single-unit projects.
“These recent deals are a testament to Aspen’s proficiency in the marketplace and their ability to provide continual financial support for various stages of property development.
“Our company boasts a remarkable portfolio of loans and a dedicated team that excels in delivering top-notch services and expertise. My role is to further these achievements and ensure that Aspen is the preferred choice for developers seeking reliable bridging loans for their worthwhile endeavours.”