Aspen supports Cheshire home refinance with £1.9m bridge to let facility

Aspen has provided a £1,935,000 bridge to let facility in 14 days to support the refinancing and retention of a super-prime property in Alderley Edge, Cheshire.

Having been within the same family ownership for more than 30 years, the five-bedroom detached house has recently undergone a high-quality refurbishment and extension to include a tennis court, swimming pool, gym, studio and parking for 10 cars.

The funds will be used to redeem the existing charge and give the borrower, an established property professional, time to secure a tenancy and stabilise rental income.

The client intends to retain the property as a long-term investment alongside their existing portfolio.

The bridge was finalised on a flat rate of 0.74% per month for an initial nine-month term.

Thereafter the borrower has the option to transition, under the same facility documentation, onto a serviced BTL period at 6.94% per annum for a further three years.

The product provides a clear pathway to long-term finance at a time to suit the owner.

The application was taken from start-to-finish by Daniel Tame, underwriter.

Daniel commented: "Our bridge to let product delivers a clear and practical route between short-term and long-term finance.

“The ability to provide a rapid bridge, together with clearly defined exit options, gives the client the flexibility and certainty required to complete the next stage of their investment strategy."