Aspen Bridging completes £626k refurbishment bridging loan

By Bridging Loan Directory 28th February 2018

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.

Case Topline:

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.

Case requirements:

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”