Aspen Bridging has completed its latest foreign national purchase bridge in 20 days, having seen an influx of overseas investment enquiries since the government’s mini-budget on 23 September.
The Chinese applicant required a £1,486,250 gross loan to purchase a £2m two-bed luxury apartment at the St George: London Dock development in E1W.
The case, which was taken from start-to-finish by underwriter Laura Randall, was completed on the lender’s 0.39% per month Stepped Rate over eight months. Exit will be through refinancing of the property.
With the weakened pound and the large reduction in short-term lending and term-based mortgages, Aspen has seen overseas investors reach nearly 30% of all new enquiries. Foreign nationals have made up 20% of its client base over the last 12 months.
Jack Coombs (pictured), director at Aspen Bridging, said: “Many investors are looking at the fluctuating value of the Pound against their local currencies, as well as the US Dollar, and there is no denying they see the UK as a good place to develop their portfolios right now.
“Of course time is critical which is why we have seen a large increase in overseas enquiries, where we are today may look different following the Treasury’s Medium-Term Fiscal Plan (31 October). This is why overseas applicants turn to us, they know we have the experience and processes to complete quickly.”
