Aspen, a prominent player in the property investment sector, has orchestrated a £5,625,000 financing arrangement to support the redevelopment of three distinct sites across Cheltenham and Bath.

This comprehensive funding initiative encompasses the conversion of a heavy works site in Cheltenham, the revitalisation of a church in Bath, and the acquisition of brownfield land for further development.

The financing process encountered a brief setback as the projects awaited planning approval, particularly for the church conversion. However, once the green light was received, funds were promptly released by the lender, facilitating seamless progress across all sites.

In Cheltenham, the focus lies on transforming 18 existing flats into 15 refurbished one- and two-bedroom units, while in Bath, the historic church is being repurposed into eight modern residences, complemented by additional parking spaces courtesy of the land purchase.

The financial arrangement, structured at a Loan-to-Value (LTV) ratio of 65%, offers competitive terms with a flat interest rate of 0.94% per month over a 16-month period. The exit strategy revolves around the completion of all renovation works and the subsequent sale of multiple units, with particular emphasis on off-plan sales in Bath, where the penthouse unit has already found a buyer.

Richard Tweddell, Senior Underwriter at Aspen, spearheaded the deal from inception to fruition, ensuring a smooth and efficient process throughout.

Commenting on the achievement, Ian Miller-Hawes, Sales Director for Aspen Bridging, remarked, “Here we have three separate sites which all have various levels of required works, an intricate investor structure, and an all-too-familiar planning hold-up yet we still have everything in place to release the funds the second the applicant requires.