Aspen closes £5.2m bridge-to-let facility

Aspen Bridging has completed a £5.2m heavy works bridge-to-let loan for an experienced developer looking to purchase and convert two Grade I-listed properties.

The £8m GDV project will see the first building in Bristol be converted into a residential dwelling, while the second property in Bath will be transformed into multiple apartments and commercial units.

The 75% LTV loan was arranged over a 24-month term, with the initial 12-month bridging part on a flat rate of 0.64% per month, followed by a 12-month BTL period at 4.49% per annum.

The facility will give the developer maximum flexibility during refurbishment works, enabling planning alternations and the option to transfer onto the cheaper BTL term early after completing the works.

At present, the developer is looking to exit the facility by selling the house and refinancing the semi-commercial building.

The borrower said: “Aspen vastly exceeded expectations regarding speed, flexibility and responsiveness; they were very impressed all round, and we’ll certainly work with them again.”

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