Aspen has completed a £7,150,000 heavy refurbishment bridge on an ultra-luxury property in the heart of Belgravia, with the cost of works making it currently one of the most high value private redevelopments in the UK.

With an initial drawdown of £4,760,000 to assist with the purchase, 70% LTV of its current value, a further £2,390,000 is available to drawdown to completely modernise the 4,062 square-foot apartment which is set over four floors in a classic Belgravia Cubitt building overlooking Belgrave Square.

The Gross Development Value is over £11m.

In line with Aspen’s Customer Service Commitment the deal was taken from start-to-finish by Underwriter, Richard Tweddell, with the deal completed on the company’s Flat Rate product at 0.94% over 18 months.

Exit will be achieved through sale of the property.

Jack Coombs, Director at Aspen, said: “This is an amazing project in one of the most desirable postcodes in the UK, the end result will be spectacular.

“This bridge again highlights the fact that our appetite to assist good developers on quality projects is second-to-none.”

Aspen Bridging’s new Summer 2023 Rates & Product Card has Flat Rates, across all product types including heavy works, available at 0.89% plus one month’s exit at 80% LTV, 0.89% at 75% LTV and 0.85% at 65% LTV.

Stepped Rates start from 0.49% per month for the first six months across all product types and go up to 80% LTV.

Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.