“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”
– Jack Coombs – S&U PLC
An experienced family development business has brought two completed semi-commercial projects under a single facility with a £4.3m Bridge To Let from Aspen.
The joint borrowers initially approached the lender to refinance an existing loan on a large modern block of 13 apartments with a single commercial unit in Greenford, Uxbridge. At the last minute, they added a six-bedroom HMO with retail space in Kingston-Upon-Thames as additional security.
The lender immediately applied key elements of its award-winning No Valuation product to the new property and secured a credit offer within 24 hours to meet the existing redemption date.
The deal was completed at 75% LTV, with the bridge term set at 0.89% over six months, followed by 6.74% on the serviced buy-to-let period over two years. Exit will be achieved through the sale of some units, with the remainder refinanced onto a further buy-to-let product.
In line with Aspen’s one-person-per-case customer service approach, both deals were managed from start to finish by credit manager Sinead McMurray.
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 updated its Bridge To Let product with the launch of a new three-year hybrid offering.
The product allows applicants to select a nine- or 12-month bridge, immediately followed by a two-year buy-to-let option. It is fully underwritten upfront and uses one facility letter and one initial valuation for both elements.
The hybrid Bridge To Let can be provided with LTVs of up to 80% and is available for projects and investment properties across England and Wales. Rates start from 6.79% per annum for the buy-to-let period, with initial bridging rates from 0.74% per month.
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