Aspen Bridging supports family developers with £4.3m bridge to let facility

An experienced family development business has brought two completed semi-commercial projects under one facility with a £4.3m bridge to let loan from Aspen Bridging.

The joint borrowers initially approached the lender to refinance their existing loan on a large modern block of 13 apartments with a single large commercial unit in Greenford, Uxbridge, before adding a six-bedroom HMO with retail space in Kingston-Upon-Thames at the eleventh hour as additional security.

The lender immediately utilised key elements of their award-winning no valuation product on the new property and secured a credit offer within 24 hours to ensure the existing redemption date was met.

The deal was completed at 75% LTV with the bridging loan term finalised at 0.89% over six months, followed by 6.74% on the serviced buy-to-let period over two years.

Exit will be achieved through the sale of a number of the units, with the remainder being refinanced onto a further buy-to-let product.

In line with Aspen’s one-person-per-case customer service philosophy, both deals were taken from start to finish by Credit Manager, Sinead McMurray.

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

“The structure of our serviced bridge to let offering means the clients were able to redeem the existing refurbishment loan on time whilst giving them full flexibility to pursue their best exit strategy in the future.”

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