Aspen Bridging

Aspen completes its first bridge-to-let loan

Aspen Bridging has completed its first bridge-to-let case, a £3.63m multi-property residential refinance.

The new product, which was launched in February, offers loans up to £10m at a maximum 80% LTV, with bridging rates starting at 0.64% per month and BTL pricing of 4.49% per annum.

Terms run for either 18 months or two years, split equally between the retained bridging initial period and the serviced BTL.

The client required the facility to refinance and upgrade a mix of high-value properties in west London with an overall market value of £4.9m, including flats, semi-detached and detached properties, all of which were held in a number of different limited companies.

Aspen’s head of sales, Ian Miller-Hawes and underwriter and loans manager Jamaal Mckoy worked together to bring all the homes under one loan and complete the deal within the borrower’s tight deadline.

The loan was arranged over an 18-month term, with the initial nine-month bridging part on a flat rate of 0.74%, followed by a nine-month BTL rate at 4.49%. 

Exit will be achieved through refinancing.

Andrew Jones, director at Rapid Bridging, the client’s brokerage, said: “It was excellent to work with both Ian and Jamaal on the transaction.

“As a business, we’ve known and followed Aspen for several years and are delighted to complete this high value bridge-to-let transaction with them, and we hope it will be the first of many.”

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