The client —an experienced developer — was coming to the end of his term finance and faced a potential additional charge of around £200,000 if the completion deadline was missed.
Funds were required to complete a site consisting of seven converted flats and seven new-build houses in Malvern, Worcestershire (site pictured above).
Aspen provided an illustration in just 15 minutes, and a formal DIP in three hours, where a deal was finalised on a 10-month term, with the specialist lender providing £2.74m.
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Aspen held first charge against the development site, while CWU was able to raise an additional £595,000 in mezzanine support.
Adam Minney — who advised the clients — said: “Having dealt with Aspen before, I knew it would work quickly and efficiently.
“Between us we came up with a solution to every problem encountered.”
Jack Coombs, director at Aspen Bridging, added: “This was a great case study for our finish and exit product and together with our partners we were able to deliver the right result for a developer operating against the clock.”