Situated on the border of Altrincham in Greater Manchester, the newbuild six-bedroom, eight-bathroom detached house measures 6,889 square feet and incorporates a swimming pool with pool house, cinema room, multiple private terraces, gym and library.

On day one £707k was released with £500k needed to refinance an existing facility and £207k to continue works. A further £310k is available in arrears to complete the project.

The case utilised the lender’s Award-Winning No Valuation process for speed, utilising their in-house RICS-qualified surveyors, despite being a high-value asset with significant construction remaining.

There were also outstanding planning issues, with the developer amending the design part-way through the build to maximise the end value.

Aspen took a holistic view of the project before proceeding and also deployed their dual representation legal service for increased efficiency and completion in under two weeks.

The deal was completed at 40% LTV on the lender’s Stepped Rate, starting at 0.35% over 12 months. Exit will be achieved through sale of the property with final GDV circa £4.5m.

Consistent with Aspen’s one-person-per-case customer service philosophy, the application was managed from start to finish by Underwriting Manager, Richard Tweddell.

Richard said: “Aspen very much subscribes to the idea that ‘good business is good business’. So when we identify a scenario in which the project is being brought to fruition by a very experienced developer with a history of successful high-value projects we act fast and deliver.”

Aspen’s product range includes Bridging, Ground Up Development and its award-winning Bridge-to-Let and No Valuation offerings.

Flat Rates start from 0.74% per month up to 80% LTV with Stepped Rates starting at 0.35% per month.

With maximum loan sizes up to £15m, the lender has positioned itself as a leading provider of refurbishment finance for UK and overseas developers and property professionals.