Aspen Bridging supplies £2.3m three-in-one solution
Aspen has completed a timely £2.3m bridge which covers an existing lender repayment plus finish and exit on a luxury house along with the all-in purchase of a high-end apartment.
The first requirement involved an eight-bedroom newbuild mansion in Hornchurch, where the client was nearing the end of the development and was looking to capital raise on the site to fund the 100% purchase of an investment property whilst extending the marketing period the development.
As build control sign-off and warranty were still to be provided, Aspen liaised directly with the developer to ascertain all information and ensure completion was not delayed.
The second essential element was the purchase of a luxury three-bedroom newbuild flat in Canary Wharf, the investment property was funded in full including stamp duty and all associated fees.
The apartment also had an outstanding issue to remedy for the purposes of the EWS1 form, and the lender liaised directly with developer Ballymore to get confirmation this was in hand.
Aspen provided 72% LTV at a rate of 0.49% for the initial six month period of the 12-month term.
The application was introduced by Foyaz Ahmed at Rainstone Money, John Smith of Fieldfisher LLP handled legals and Harry Baker, credit manager at Aspen took the case from start-to-finish.
Baker said: “We will always back quality developments that require extended sales periods, but to do so whilst capital raising to 100% to fund another purchase clearly demonstrates our flexibility and willingness to take-on complex cases where other lenders would walk away.”
Aspen Bridging’s rate card has a maximum LTV to 75%, which can be realised through both physical and desktop valuations, and a top loan amount of £3m net.
The lender’s flat and stepped rate products cover residential and light refurbishment, residential and medium refurbishment, HMOs, prime semi-commercial and prime commercial property.
The equity-funded lender further streamlined their processes during Covid-19, with full remote capacity and same day pay-out facilities.