Aspen Bridging completes £2.1m bridge to let loan

By Bridging Loan Directory 16th January 2023

A last minute change of security properties and a deadline to refinance during postal strikes did not stop Aspen Bridging completing a £2.1m bridge to let loan within three weeks.

The developer was nearing the end of their current development finance deal, but faced with a cooling market the client sought a bridging solution to complete the finishing touches and sell the newly-built detached six-bedroom house in Twickenham, London for maximum value.

The original security was based on two properties in Twickenham, however as the developer had a fixed low interest term mortgage on one of the properties, Aspen recommended a revised first charge loan using their no valuation service on another unencumbered property in Surbiton, South West London to enable a better deal to proceed.

Approached by Matthew Archer, Director at Tapton Capital, Aspen also agreed to use a comfort charge on the original BTL to enable the rental coverage to be sufficient in order to get the customer the funds required.

Taking the case from start to finish Saif Khalique, Senior Underwriter and Loans Manager at Aspen, proposed the bridge to let product to give the developer extra flexibility should they encounter any further issues.

The deal was completed at 70% LTV over a 24 month term, with the initial 12 month bridging loan on a flat interest rate of 0.89% pm followed by a 12 month BTL period at 6.49% pa.

The team also overcame several logistical problems caused by the postal strikes, coordinating solicitors and borrowers with Aspen’s recommended courier service to guarantee deadlines were met.

Matthew said:

“Aspen understood the issues and swiftly restructured the loan, using their AVM service and organising rapid security visits to do so.

They took a commercial approach throughout and both us at Tapton and our client could not be happier with the result.”