Aspen Bridging completes £950k commercial bridge-to-let in 10 days

Aspen Bridging has completed a £950k commercial bridge to let facility in just 10 days to enable the auction purchase of a seven-storey office block in central Birmingham.

Situated on Temple Row and overlooking St Phillip’s Square at the heart of the Central Business District.

The applicant’s business already tenanted the 6,000 square foot mid-terrace period building when they were informed it was to be sold imminently at a competitive price.

For speed, Aspen structured a specialist facility utilising their award-winning no valuation and bridge to let products, with the business planning a OpCo – PropCo structure following the purchase which would see one of their companies fully tenant the property.

The commercial bridging loan term was finalised at 0.89% per month over nine-months, which will be followed by a BTL period serviced at 6.49% per annum over two years. Exit will be achieved through refinance onto a Commerecial Buy To Let product.

In-line with the lender’s one-person per-case customer service commitment the application was taken from start-to-finish by Senior Underwriter, Laura Randall.

Jack Coombs, Chief Operating Officer at S&U PLC, parent company of Aspen, said:

“Auction purchases demand speed and certainty.

Our ability to complete within 10 days, while structuring a solution that supports the borrower’s longer-term refinance strategy, highlights the flexibility and responsiveness that underpins Aspen’s product propositions and commitment to best-in-industry service levels.”

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