Aspen Bridging has completed a £4.6m bridge-to-let facility for refinance and light works on a luxury penthouse in Chelsea.

The loan will allow the Chinese applicant to complete a small refurbishment of the interior followed by two-years’ rental servicing.

The property is a 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.

REMOTE SIGNING

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 2-year buy-to-let period serviced at 7.49% pa. Exit is currently planned through refinance onto a buy-to-let term product.

Aspen updated its bridge-to-let product at the start of the year with the launch of a new three-year hybrid offering.

The offering allows applicants to opt for a nine or 12-month bridge followed immediately by a two-year buy-to-let 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 buy-to-let rates from 6.79% per annum with initial bridging rates from 0.74% per month.

BIG-TICKET DEALS

Saif Khalique, head of underwriting, 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.”