Aspen Bridging has completed its first Bridge-To-Let case since introducing the product to the full broker market.
The deal is a complex £3.635m multi-property residential refinance at 75% LTV in West London.
The client required funds to refinancing and upgrade a mix of mix of high-value flats, semi-detached and detached properties with an overall market value of £4.9m, all of which were held in a number of different limited companies.
Led by Aspen’s head of sales, Ian Miller-Hawes and underwriter and loans manager, Jamaal Mckoy the lender worked to bring all the homes under one loan and managed to complete inside the applicant’s tight timeframe.
The case was completed over an 18-month term, with the initial nine-month bridge on a flat rate of 0.74% followed by a nine-month Bridge-To-Let at 4.49%. Exit will be achieved through refinancing.
Andrew Jones, director at Rapid Bridging, said: “It was excellent to work with both Ian and Jamaal, the transaction was a complex mix of high-value residential assets owned by a number of limited companies requiring completion in a very short window.
“As a business we’ve known and followed Aspen for several years and are delighted to complete this high value Bridge-to-Let transaction with them, we hope it will be the first of many.”
Aspen launched its Bridge-To-Let product in February, which is designed to offer wider use flexibility and lower ERC’s than existing buy-to-let or hybrid offerings.
Available up to 80% LTV, with bridge rates starting at 0.64% pm and buy-to-let rates of 4.49% pa, the product is open to UK and foreign applicants, including first-time buyers, up to a maximum loan size of £10m.
Terms run for either 18 months or two years, which are split equally between the retained bridge initial period and the serviced buy-to-let.
