Aspen Bridging

Aspen provides £1.32m bridging loan to aid Liverpool hotel transformation

Aspen Bridging has provided a £1.32m bridging loan for a property developer looking to transform an office block into a first-class hotel in Liverpool.

The case was underwritten in three hours by Aspen, with an underwriter visiting the property accompanied by the borrower and the valuer in four days.

The property developer was required to refinance their existing debt by the previous lender as the new asset was classed as a non-core business activity.

A change of use via planning was required to convert the site into a hotel and bring it in line with the rest of their business.

The final deal was concluded by Aspen at 72.5% LTV over 10 months, with a front-end rate of 0.55% for the first five months.

“This is a case example of how bridging can solve a multitude of clients’ requirements, and how the flexibility and one-to-one service we provide allowed us to get into the finer details with the broker and client so we could lend on the project’s true potential,” said Jack Coombs, director at Aspen Bridging (pictured above).

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