Aspen and Blackhill complete £2.975m bridging loan in seven days

By Bridging Loan Directory 23rd January 2023

Aspen Bridging, in partnership with broker Blackhill Private Finance, has completed a £2,975,000 residential purchase bridge loan for an overseas client in just seven days.

The investor, a high-net worth Nigerian national, needed funds immediately after a late opportunity arose to buy an exclusive five-star, three-bedroom duplex penthouse in a newly built luxury apartment complex in St John’s Wood, London.

Completed at 70% LTV, the lender used its remote signing procedure which is designed exclusively to fast-track international applications.

The process was further streamlined by Aspen’s one-person-per case approach, in this case taken from start-to-finish by Senior Underwriter and Loans Manager, Saif Khalique.

The deal completed on a flat interest rate of 0.89% per month over 10 months. The investor plans to let the luxury apartment and will exit through refinance onto a long-term product.

Michael Abebe, Managing Principal at Blackhill Private Finance, who introduced the case to Aspen, said:

“It was an absolute pleasure, as always, working with Jack and Saif to execute this deal in lightning quick fashion.

It’s especially wonderful to witness the growing trust and confidence that Aspen continues to maintain in Blackhill Private Finance.

We look forward to another great year in 2023 as partners in progress.”