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Aspen completes £4.55m gross loan on award-winning passivhaus development

Aspen has completed a £4.55m Development Exit bridge on one of the UK’s first private domestic passivhaus developments, giving the developer additional time to complete works delayed by Covid.

Comprising eight detached and six semi-detached homes of three, four or five bedrooms, the site in Faversham, Kent has been named What House? 2020 Awards Gold Winner in the Best Sustainable Housing Development category.

Passivhaus represents an entirely modern and different method of construction to achieve exemplary eco-friendly results, which ultimately requires an in-depth knowledge of how building certification impacts on both the valuation and legal processes.

The Development Exit bridge was secured on the lender’s Fixed Rate product over a 12-month term. LTV was 66%.

It is the second time the developer has used Aspen in the last six months having previously secured a £1.16m Development Exit facility against three newbuild detached homes in Kent in February.

Both cases were handled from start-to-finish by Prabhat Talwar, Senior Underwriter at Aspen, which ensured he understood the requirements from the outset of the latest deal to deliver a seamless transaction.

Jack Coombs, Director at Aspen Bridging, said: “From one award winner to another it has been a pleasure to complete a deal which ensures the developer has time to finish each property to the exacting standards required by Passivhaus certification, while having extra time to maximise the sales process.”

Aspen’s ratecard offers a Stepped Rate of 0.44% and a Flat Rate of 0.74%. They are available across all products up to a maximum loan size of £5m net and 75% LTV across 6-18 months.

The Rapid Desktop Valuation bridging product was introduced so cases can be completed in as little as two working days, and its Light Development product is available up to 75% LTV with 100% cost of works in arrears.

Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.

Published: 03 June 2021