Aspen Bridging completes £460k bridging loan
A first-time buyer requiring maximum leverage to purchase an off-plan, new-build flat in London and save their initial 10% deposit has been backed by Aspen Bridging.
The bridging loan, completed for £460k at 74% LTV, was for a seventh floor apartment in the Fulham Reach Development which will operate as the applicant’s inaugural but-to-let investment.
The initial rate is 0.59% per month for six months.
The case was introduced to Aspen by Andrew Thriepland at Capricorn Commercial who knew that the lender’s stepped offering and leverage would meet the client’s requirements. Leigh Haigh at Fieldfisher LLP undertook legals.
“Leverage is vital for property investors, and in this particular case was essential for the applicant to secure the apartment, save their initial investment and begin their career as a property investor.
As always Aspen, and in particular Senior Underwriter Prabhat Talwar who took the case from start-to-finish, immediately understood the aspiration and requirements and worked with all parties to ensure the funds were released as soon as possible.”
Ed Ahrens, Managing Director of Aspen Bridging, added:
“To provide a first-time buyer with the required leverage in the current environment highlights the real can-do attitude of our lending criteria, but more importantly protects the investment for the applicant.”