Aspen goes the extra mile to complete complex £1.5m bridge-to-let
Aspen Bridging has completed a complex £1.5m gross bridge-to-let (BTL) application on a luxury two-bedroom apartment in Mayfair, in doing so supporting a business plan not seen before in the UK.
The overseas applicant will use the funds to purchase the property and then sell shares in the home to new owners, creating a timeshare ownership model which is pioneered in the United States.
Exit will be through sale of shares within the Special Purpose Vehicle (SPV) which has been created to deliver the strategy.
The broker said: “When I first discussed this deal with Ian Miller-Hawes and Jack Coombs there was an enthusiasm to understand the client and the structure and how they could assist with the purchase.
“We arranged a Teams call so the client could see who was lending the money and talk through the business plan. Having a lender who is willing to allocate facetime with a client and understand their business is very refreshing, I personal cannot wait to work with Aspen again.”
The deal was completed at 75% LTV over a 24-month term, with the initial 12-month bridge on a flat rate of 0.69% pm followed by a 12-month BTL period at 4.49% pa.
The client added: “The involved parties that have been actively engaged throughout this process, a big thank you for your efforts to complete this even under extraordinary circumstances, it is very much appreciated. I look forward to working with you again on the next purchase which will be very soon.”
Aspen’s bridge-to-let product is designed to offer wider use flexibility and lower ERC’s than existing bridge-to-let or 2-year hybrid offerings.
Available up to 80% LTV, with bridge rates starting at 0.64% pm and BTL rates of 4.49% pa, the product is open to UK and foreign applicants, including first-time buyers, up to a maximum loan size of £10m.
Terms run for either 18 months or two years and are split equally between the retained bridge initial period and the serviced BTL.
