Completed in under two weeks, the Finish and Exit facility provided an initial day-one advance of £1.85 million with a further £250,000 in arrears to finalise outstanding works.

The loan is secured against a mixed-use scheme incorporating a former public house under conversion into three ground-floor commercial units with two residential flats above, and four newly completed detached four-bedroom homes on the same site.

One of the units has already been successfully let to a major UK supermarket chain, providing initial investment income and improved security within the overall scheme.

Despite the complexity of the asset and a 72% LTV, Aspen also recommended their No Valuation product to ensure tight timescales were met.

The bridge was finalised on a Flat Rate of 0.79% per month over 12 months which then allows for the borrower to optionally transition, using the same facility documentation, onto a serviced BTL period at 6.94% per annum for a further year.

Exit will be achieved through sale of the four completed houses, with the facility giving the developer time to maximise transaction values and secure suitable tenants for the apartments and remaining commercial units.

In line with the lender’s one-person per-case Customer Service Commitment the application was taken from start-to-finish by Senior Underwriter, Laura Randall.

Laura said: “The transaction demonstrates how we can quickly structure unique funding solutions, even on complex mixed-use developments which require flexible underwriting, phased exits and an understanding of multiple asset classes.

“By combining funding with retained works and a Bridge-to-Let strategy, the facility allows the client to complete the project without the pressure of an immediate disposal while maximising value across the development.”

Aspen’s award-winning Bridge To Let product combines the speed and works-funding of a bridge with the flexibility and certainty of a BTL.

Applicants can opt for a bridge or development loan of up to 24 months followed seamlessly by a BTL which can run up to three years. The product can be used to support residential, semi-commercial and commercial projects for UK and foreign nationals on properties across England and Wales. 

Flat Rates start at 0.69% and Stepped Rates from 0.35% followed by a serviced buy to let period at 6.89% per annum. The maximum loan size is £15m with LTVs of up to 80%.