Aspen has completed a £2.55 million bridge-to-let facility on a semi-commercial Bristol development after replacing a lender unable to progress within the required timeframe.

The Old Bank Building scheme, which comprises two ground-floor retail units and eight one, two and three-bedroom apartments over four floors, required urgent refinancing after delays with the original provider. The property totals 8,888 square feet.

Aspen became aware of the opportunity while discussing another asset in the applicant’s portfolio. Once the extent of the delay emerged, the lender moved to offer a rapid solution combining speed, rate competitiveness and the flexibility of its bridge-to-let structure.

Using a previous valuation to accelerate the process, Aspen delivered an eight-month bridge at a 0.74% flat rate, enabling the borrower to complete works and launch marketing.

The facility also offers the option of a further two-year buy-to-let term at 6.74%, providing headroom for the developer to retain the units long term.

Long leases already secured on both retail units support the income profile of the investment, with the borrower intending to hold the entire scheme.

The case was managed by underwriting manager Richard Tweddell under Aspen’s one-person-per-case model.

He said: “This case demonstrates Aspen’s ability to offer a compelling package of rapid execution, attractive rates and flexible Bridge to Let terms.

“When the original lender failed to act, we were able to move fast and secure the deal for the developer.”

The lender said the three-day completion illustrates its commitment to rapid deployment on time-sensitive transactions.