With a development of eight four-bedroom, four-bathroom newbuild townhouses in Sunderland nearing practical completion, £475k was needed to redeem the existing lender, £250k in drawdowns to complete outstanding works and £500k to release capital to spend on other projects.

Completed at 70% LTV, the properties were revalued in the days prior to completion as works had progressed, meaning the borrower was able to release more funds from the assets on day-one.

The North East scheme stands at 9,000 square feet with a final GDV of over £1.7m.

Exit will be achieved through sale of the entire development, with the optional Buy To Let period favoured by the borrower as a means to afford additional time should sales take longer than envisaged.

The bridge term was finalised on Aspen’s Stepped Rate, starting at 0.5% per month over a 12-month term. This will be followed on the BTL period serviced at 6.49% per annum over two years.

In-line with Aspen’s one-person-per-case service model, the case was seen from start-to-finish by Underwriter Daniel Tame.

Jack Coombs, Chief Operating Officer at S&U PLC, parent company of Aspen, said: “This transaction highlights the strength of our product design and flexible funding approach, allowing the borrower to redeem their existing lender, complete the development and release capital within a matter of weeks.

“By combining our No Valuation and Bridge-to-Let products we were able to deliver multiple outcomes from a single facility while supporting the developer’s wider pipeline and future sales strategy.”

At the start of the year, Aspen increased the market scope of its Bridge To Let product by reducing rates and introducing a combined term of up to five years.

Applicants can now opt for a bridge or development loan of up to 24 months followed seamlessly by a BTL which can run up to three years.

Associated bridging rates are available from 0.35% per month 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% and the product is available to fund residential, semi-commercial and commercial properties across England and Wales.