Aspen Bridging has completed a complex £1.5m gross bridge-to-let application on a luxury two-bedroom apartment in Mayfair.
The overseas applicant will use the funds to purchase the property and then sell shares in the home to new owners, creating a timeshare ownership model which is pioneered in the United States.
Exit will be through sale of shares within the Special Purpose Vehicle (SPV) which has been created to deliver the strategy.
The broker said: “When I first discussed this deal with Ian Miller-Hawes and Jack Coombs there was an enthusiasm to understand the client and the structure and how they could assist with the purchase.
“We arranged a Teams call so the client could see who was lending the money and talk through the business plan. Having a lender who is willing to allocate facetime with a client and understand their business is very refreshing, I personal cannot wait to work with Aspen again.”
The deal was completed at 75% LTV over a 24-month term, with the initial 12-month bridge on a flat rate of 0.69% pm followed by a 12-month buy-to-let period at 4.49% pa.
The client added: “The involved parties that have been actively engaged throughout this process, a big thank you for your efforts to complete this even under extraordinary circumstances, it is very much appreciated. I look forward to working with you again on the next purchase which will be very soon.”