Aspen Bridging completed a £4.6m bridge-to-let for refinance and light works on a luxury penthouse apartment in Chelsea.
The deal 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.
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.
In-line with the lender’s one-person per-case customer service commitment the deal was taken from start to finish by head of underwriting, Saif Khalique.
The deal was finalised at 68% loan-to-value (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 bridge-to-let period serviced at 7.49% per annum.
Exit is currently planned through refinance onto a buy-to-let term product.
Saif 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.”
