Aspen Bridging has completed another ultra-luxury London finish & exit bridging loan in a matter of weeks with a £6m loan at 75% LTV on a large Georgian Stucco house in Kensington. The project has already seen major construction take place, with the developer needing £5m to cover the existing loan with a further £1m made available for drawdowns to complete the remaining works. Once completed the six-storey end-of-terrace mansion will comprise seven bedrooms, seven bathrooms, lift, spa facilities and private cinema across a gross internal floor area of 5,500 square feet, making it one of the most exciting properties to come to market in the near future. The Gross Development Value (GDV) is £11m with exit to be achieved through sale. In line with Aspen’s one-person-per-case customer service philosophy the deal was taken from start-to-finish by Underwriting Manager, Saif Khalique on a flat rate of 0.95% over 12 months. The deal marks the second recent ultra-luxury completion following a £7,150,000 refurbishment bridge on a 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. https://lnkd.in/eXhAnhxU #bridgingfinance
