{"id":10567,"date":"2026-04-27T18:03:52","date_gmt":"2026-04-27T18:03:52","guid":{"rendered":"https:\/\/second-home.uk\/?p=10567"},"modified":"2026-04-27T18:03:52","modified_gmt":"2026-04-27T18:03:52","slug":"developer-secures-3m-multi-tranche-bridge-for-london-scheme","status":"publish","type":"post","link":"https:\/\/second-home.uk\/?p=10567","title":{"rendered":"Developer secures \u00a33m multi-tranche bridge for London scheme"},"content":{"rendered":"

Aspen Bridging has provided a \u00a33 million multi-tranche bridging facility to refinance a completed residential conversion in Holloway, North London, whilst providing additional capital for future development projects.<\/p>\n

The facility comprises three separate tranches with different purposes. An initial \u00a31.85 million was released to refinance existing debt on a 3,700 square foot semi-detached period property converted into five one and two-bedroom apartments.<\/p>\n

Part of the first tranche will fund professional fees for a Section 106 planning application on an adjacent site, with additional reserves available if required. A second drawdown of \u00a31.15 million has been made available for future acquisitions.<\/p>\n

Transaction structure<\/h2>\n

The facility was priced at 0.83% per month over a 10-month term. The initial loan-to-value ratio stood at 48%, potentially rising to 80% as further tranches are drawn down. The lender did not require a formal valuation for the transaction.<\/p>\n<\/p>\n

According to Aspen\u2019s senior underwriter Laura Randall, who handled the application, the lender was attracted by the quality of the security and the borrower\u2019s track record. Two of the five apartments are already under contract, with the refinancing providing time for a managed sale of the remaining three units.<\/p>\n

Market context<\/h2>\n

The transaction comes as stamp duty receipts have reached \u00a315.2 billion<\/a> following recent threshold changes, whilst major property consultancies have revised their house price forecasts<\/a> in response to economic conditions.<\/p>\n

The multi-tranche structure allows developers to maintain liquidity across multiple projects without requiring separate applications for each phase. Exit is expected through the sale of the completed apartments in Holloway.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aspen Bridging has provided a \u00a33 million multi-tranche bridging facility to refinance a completed residential conversion in Holloway, North London, whilst providing additional capital for future development projects. The facility comprises three separate tranches with different purposes. An initial \u00a31.85 million was released to refinance existing debt on a 3,700 square foot semi-detached period property […]<\/p>\n","protected":false},"author":1,"featured_media":9527,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-10567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\nDeveloper secures \u00a33m multi-tranche bridge for London scheme - Second Home<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertywire.com\/news\/uk\/developer-secures-3m-multi-tranche-bridge-for-london-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Developer secures \u00a33m multi-tranche bridge for London scheme - Second Home\" \/>\n<meta property=\"og:description\" content=\"Aspen Bridging has provided a \u00a33 million multi-tranche bridging facility to refinance a completed residential conversion in Holloway, North London, whilst providing additional capital for future development projects. 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