Aspen Bridging has announced that it has completed a £4.6m bridge-to-let for refinance and light works on a luxury apartment in Chelsea, allowing the applicant to complete a small refurbishment of the interior followed by two years of rental servicing.
The property is an impressive five-bedroom luxury penthouse, situated on the River Thames, which is set over three upper floors of a modern block and also comprises five external terraces.
The case was completed in under a month with the lender using their remote signing and witnessing agreements for international clients to ensure the funds were available on the exact day required.
The deal was finalised at 68% LTV over a 27-month term, with an initial nine-month bridge on a flat rate of 0.85% per month followed by a two-year BTL period serviced at 7.49% pa. Exit is currently planned through refinance onto a buy-to-let term product.
At the start of the year, Aspen updated its bridge-to-let product with the launch of a new three-year hybrid offering.
The offering allows applicants to opt for a 9- or 12-month bridge followed immediately by a two-year BTL option. The loan is fully underwritten upfront and uses one facility letter and one initial valuation for both elements.
The product can be provided with LTVs of up to 80% and is available to fund projects and investment properties across England and Wales. Aspen’s specialist product is available with BTL rates from 6.79% per annum with initial bridging rates from 0.74% per month.
In line with the lender’s one-person per-case customer service commitment, the deal was taken from start to finish by Head of Underwriting, Saif Khalique.
Saif said: “I’m very proud of the fact that Aspen is increasingly the trusted lender of choice when our broking partners are looking to place their big-ticket deals.
“Our track record in this market over the last 12 months speaks for itself and we are driven to meet our goal of £250m in new lending for this year.”
