Aspen Bridging

Aspen and CWU complete 82.5% LTV development exit loan

Aspen Bridging has teamed up with property crowdfunding investment company Crowd With Us (CWU) to complete a £3.3m development exit loan at 82.5% LTV.

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.

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.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the DFT mailing list, I will receive relevant news and promotional material via DFT on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment