Aspen Bridging

Aspen closes £1.5m bridge-to-let loan for overseas borrower

Aspen Bridging has provided a £1.5m bridge-to-let loan for a luxury two-bedroom apartment in Mayfair.

The deal was completed at 75% LTV over a 24-month term, with the initial 12-month bridging part on a flat rate of 0.69% per month, followed by a 12-month BTL period priced at 4.49% per annum.

The overseas applicant will use the funds to purchase the property and then sell shares in the home to new owners, creating a timeshare ownership model which is pioneered in the United States.

Exit will be through the sale of shares within the SPV created to deliver the strategy.

The broker who worked on this deal said: “When I first discussed this deal with Ian Miller-Hawes [head of sales at Aspen] and Jack Coombs [director at Aspen], there was an enthusiasm to understand the client and the structure and how they could assist with the purchase.

“We arranged a Teams call, so the client could see who was lending the money and talk through the business plan. 

“Having a lender who is willing to allocate facetime with a client and understand their business is very refreshing, and I personal cannot wait to work with Aspen again.”

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