Aspen Bridging completes £626k refurbishment bridging loan
Aspen Bridging has recently completed a rapid bridging loan for a client looking to purchase, convert and refurbish a property as well as refinance his portfolio.
Loan to Value (LTV): 75% plus 100% of works costs in arrears.
Gross facility Amount: £626,500
Loan Term: 12 months
Mortgage Masters introduced a HMO (house in multiple occupation) landlord in the Birmingham University area.
The client was looking to refinance several of his existing properties so that he could purchase and refurbish a HMO property that had just come on to the market. Arthur Cole-Fontayn from Aspen Bridging worked with the client to provide a funding solution across the 3 properties that allowed the purchase and refurbishment of the new security in its entirety. Aspen Bridging completed this multi property, multiple drawdown (with a schedule that suit the borrower) loan in 15 working days at a very competitive rate.
The client highlighted several challenges standing in the way of completion;
- Multiple properties needing complete DD in a very short timeframe.
- Distressed Property purchase
- Max possible LTV
- Maximising utility of funds
- Works funding
- Potential structural issues on purchase.
The client commented:
“I would say if I had to categorise Aspen’s performance it would be; Fast, Friendly, and efficient. I will definitely come back to Aspen whenever I need bridging finance again”
Asim Bashir, Mortgage Masters said:
“Aspen is a dynamic vibrant company with an appetite to get the deal done as shown here!”
Arthur Cole-Fontayn, Assistant Loans Manager, Aspen Bridging, said:
“It is always a pleasure to work with competent brokers and borrowers, without whom this deal would not have been possible. I am glad to see a successful result for all as achieved”