Despite remaining the most popular use of bridging loans, the popularity of refurbishment has lessened in recent years.

The lender has also made several product enhancements following feedback from brokers.

The latest deal marks another high-end completion for the lender, further cementing its reputation in London’s super-prime property sector.

Newly released data from Shawbrook has highlighted a growing number of bridging loans being used by landlords to purchase buy-to-let properties.

The lender chose to use a desktop valuation to reduce costs and time

Duncan Kreeger, CEO of TAB looks ahead and explores the challenges and opportunities lenders and investors are likely to face across the bridging sector this year.

Valuations for the transaction were undertaken by CBRE, and legal due diligence was provided by Philip Lee LLP in Dublin and Trowers & Hamlins in London.

Aspen Bridging recently launched its 2025 rate card with reductions of up to 80bps for all new applications and a higher maximum loan size of £15m net.

The site has planning permission for a residential scheme comprising 74 apartments and parking.

Secured against a vacant nine-unit residential block, the facility will refinance the existing lender.