Aspen Bridging completes £3.63m bridge to let loan
Aspen Bridging has completed its first bridge to let case since introducing the product to the full broker market, a complex £3.635m multi-property residential refinance at 75% LTV in West London.
The client required funds to refinance and upgrade a mix of mix of high-value flats, semi-detached and detached properties with an overall market value of £4.9m, all of which were held in a number of different limited companies.
Led by Aspen’s head of sales, Ian Miller-Hawes and underwriter and loans manager, Jamaal Mckoy the lender worked tirelessly to bring all the homes under one loan and still managed to complete inside the applicant’s tight timeframe.
The case was completed over an 18 month term, with the initial nine month bridging loan on a flat rate of 0.74% followed by a nine month bridge to let loan at 4.49%.
The exit will be achieved through refinancing.
Andrew Jones, Director at Rapid Bridging, said:
“It was excellent to work with both Ian and Jamaal, the transaction was a complex mix of high-value residential assets owned by a number of limited companies requiring completion in a very short window.
As a business we’ve known and followed Aspen for several years and are delighted to complete this high value bridge to let transaction with them, we hope it will be the first of many.”