The day-one 75% LTV totalled £1.6m, funding the acquisition of the five-bedroom detached house and additional cash for the development work.

Roughly £1.2m was for the purchase and an initial £400,000 will cover the refurbishment, which includes the addition of 1,000 sq ft of new living space.

The GDV of the scheme is approximately £3.1m.

A further £600,000 will be made available as the project continues.

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The one-year deal, which was taken from start to finish by the lender’s underwriting manager, Saif Khalique, was concluded on its stepped rate — starting at 0.59% per month.

Exit will be achieved through the sale of both the security and Cambridge properties.

The broker working on the deal said: “The case was complex due to some of the assets held and several changes were needed last minute to keep the deal on track.

“But Saif provided a hands-on approach which proved vital to taking the deal through to completion.”

Aspen’s rates and product card sees stepped rates start from 0.49% and flat rates from 0.84%.