Aspen has provided a £4.3 million bridge-to-let facility to an experienced family property business, consolidating two completed semi-commercial projects under a single arrangement.
The borrowers initially sought to refinance an existing loan secured on a modern development in Greenford, Uxbridge, comprising 13 apartments and a large commercial unit. Shortly before completion, they added a six-bedroom HMO with retail space in Kingston-upon-Thames as additional security.
To meet the existing redemption deadline, Aspen employed its No Valuation product for the newly added property and issued a credit offer within 24 hours. The facility was completed at 75% loan-to-value, structured as a six-month bridge at 0.89% followed by a two-year serviced buy-to-let period at 6.74%. The borrowers intend to exit through a combination of unit sales and refinancing onto a further buy-to-let facility.
Both elements of the deal were handled throughout by Aspen credit manager, Sinead McMurray, in keeping with the lender’s one-person-per-case service model.
Jack Coombs, chief operating officer at S&U PLC, parent company of Aspen, said: “The structure of our serviced Bridge to Let offering means the clients were able to redeem the existing refurbishment loan on time whilst giving them full flexibility to pursue their best exit strategy in the future.”
Earlier this year, Aspen enhanced its bridge-to-let range with a new three-year hybrid option, enabling borrowers to combine a nine or 12-month bridge with a two-year buy-to-let facility under a single underwrite, facility letter and initial valuation.
