Aspen Bridging has provided a £2m development exit loan for a coastal property project in Looe, Cornwall, completing the transaction in 11 days for a repeat client.
The lender utilised its No Valuation product to expedite the process, enabling the developer to refinance an existing facility whilst extracting capital for future development work. The £2m facility comprised £1,550,000 to refinance the current loan, with the remaining £450,000 released as working capital for the developer’s next scheme.
Project details
The development consists of two holiday properties built into the rock face overlooking the sea. Each property features four bedrooms, four bathrooms, and approximately 3,800 sq ft of internal space across five floors, including cinema rooms, games rooms and internal garages.
Only snagging work remains before completion, with the total gross development value projected to exceed £3m. The developer intends to repay the facility through the sale of the completed properties.
Loan structure
Aspen Bridging structured the loan at 70% loan-to-value using its flat rate pricing of 0.74% over a 10-month term. The lender assigned a single case manager to oversee the transaction from application to completion.
“The previous deal with the applicant was a residential refinance for an earlier project, which was also on a tight deadline, so they returned to us knowing that we would deliver without fault,” said Saif Khalique, head of underwriting at Aspen Bridging.
The transaction marks the second time the developer has secured funding from Aspen Bridging, having previously worked with the lender on a residential refinance for an earlier development.
