Aspen has completed a £3m bridge-to-let for the purchase and renovation of a block of 13 flats in Bath, Somerset, in under a month.
The property investor requested £2.5m upfront on the £3.1m purchase price, marking 80% LTV on day one, with the extra finance available for light refurbishment and the potential to redevelop the basement to add an additional unit subject to planning consent.
The case was still completed within the required timeframe despite the applicant changing the lead company name at the eleventh hour.
The deal was finalised over a 24-month term, with the initial 12-month bridge on a flat rate of 0.89% pm followed by a 12-month buy-to-let period at 6.99% pa. Exit is currently planned through sale of the flats.
Ian Miller-Hawes, sales director at Aspen Bridging, said: “Our Bridge to Let product is designed for flexibility, empowering borrowers seeking unrushed development exits, heavy to medium works cases or foreign national purchases with the full flexibility to either refinance onto the best buy-to-let rates or sell and realise the profits.
“In this instance it was perfect for the applicant, and to be able to turn the deal around in a month despite the late change in company names highlights just how flexible we can be.”
