Aspen Bridging completes £475k bridging loan at 80% LTV
Following the recent launch of its new Summer 2023 rates & product card, Aspen Bridging has completed its first case at the reintroduced 80% LTV on its development exit & refurb product.
The £457k facility both provided the borrower 80% LTV on completion to assist with the purchase of the property and made available a further £75k of drawdown, representing 100% of works costs.
The loan took under three weeks to complete from initial enquiry and it will be used to transform a three-bedroom semi-detached house in Harrow, London into a four-bedroom HMO.
The deal was completed on Aspen’s stepped rate product, starting at 0.65% over a 10-month term. Exit will be achieved through sale of the property.
The application was taken from start to finish by underwriter, Sinead McMurray who joined the business in May 2022 through the lender’s graduate recruitment scheme.
Jack Coombs, Director at Aspen, said:
“In 2019 we became one of the first lenders to launch an 80% LTV bridging product which showed our appetite to assist good developers on quality projects, so to be able to relaunch that product is very positive.”