Aspen Bridging has completed a £2.1m bridge-to-let loan within three weeks, despite a last-minute change of security properties and a deadline to refinance during postal strike
The developer was nearing the end of their current development finance deal, but faced with a cooling market the client sought a bridging solution to complete the finishing touches and sell the newly-built detached six-bedroom house in Twickenham, London for maximum value.
Original security was based on two properties in Twickenham, however as the developer had a fixed low interest term mortgage on one of the properties, Aspen recommended a revised first charge loan using its No Valuation service on another unencumbered property in Surbiton, South West London to enable a better deal to proceed.
Approached by Matthew Archer, director at Tapton Capital, Aspen also agreed to use a comfort charge on the original buy-to-let to enable the rental coverage to be sufficient in order to get the customer the funds required.
Taking the case from start-to finish Saif Khalique, senior underwriter and loans manager at Aspen, proposed the Bridge-To-Let product to give the developer extra flexibility should they encounter any further issues.
The deal was completed at 70% LTV over a 24-month term, with the initial 12-month bridge on a flat rate of 0.89% pm followed by a 12-month buy-to-let period at 6.49% pa.
The team also overcame several logistical problems caused by the postal strikes, coordinating solicitors and borrowers with Aspen’s recommended courier service to guarantee deadlines were met.
Archer said: “Aspen understood the issues and swiftly restructured the loan, using their AVM service and organising rapid security visits to do so. They took a commercial approach throughout and both us at Tapton and our client could not be happier with the result.”