ASPEN COMPLETES £3M BRIDGE TO LET IN UNDER ONE MONTH
31 Oct 2024
Aspen has taken less than a month to complete a £3m Bridge-To-Let (BTL) for the purchase and renovation of a block of 13 flats in Bath, Somerset.
Via the broker, the property investor requested £2.5m upfront on the £3.1m purchase price, marking 80% LTV on day one, with the extra finance available for light refurbishment and the potential to redevelop the basement to add an additional unit subject to planning consent.
The case was still completed within the required timeframe despite the applicant changing the lead company name at the eleventh hour.
In-line with the lender’s one-person per-case Customer Service Commitment the deal was taken from start-to-finish by Senior Underwriter, Richard Tweddell who proposed the Bridge-To-Let product to allow extra flexibility should the project encounter any issues or the applicant decide on a different exit.
The deal was finalised over a 24-month term, with the initial 12-month bridge on a flat rate of 0.89% pm followed by a 12-month BTL period at 6.99% pa. Exit is currently planned through sale of the flats.
Ian Miller-Hawes, Sales Director at Aspen Bridging, said: “Our Bridge to Let product is designed for flexibility, empowering borrowers seeking unrushed development exits, heavy to medium works cases or foreign national purchases with the full flexibility to either refinance onto the best BTL rates or sell and realise the profits.
“In this instance it was perfect for the applicant, and to be able to turn the deal around in a month despite the late change in company names highlights just how flexible we can be.”
Aspen’s award-winning Bridge-to-Let product is designed to offer wider use flexibility and lower ERC’s than existing or two-year hybrid offerings.
Available up to 75% LTV, with bridge rates starting at 0.79% pm and BTL rates of 6.99% pa, the product is open to UK and foreign applicants, including first-time buyers, up to a maximum loan size of £10m.
Terms run for either 18 months or two years and are split equally between the retained initial bridge period and the serviced BTL.