An experienced family development business has brought two completed semi-commercial projects under one facility with a £4.3m bridge-to-let from Aspen.
The joint borrowers initially approached the lender to refinance their existing loan on a large modern block of 13 apartments with a single large commercial unit in Greenford, Uxbridge before adding a six-bedroom house in multiple occupation (HMO) with retail space in Kingston-Upon-Thames as additional security.
The lender immediately utilised key elements of its No Valuation product on the new property and secured a credit offer within 24 hours to ensure the existing redemption date was met.
The deal was completed at 75% loan-to-value (LTV) with the bridge term finalised 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 sale of a number of the units with the remainder being refinanced onto a further buy-to-let product.
In-line with Aspen’s one-person-per-case customer service philosophy both deals were taken 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.”
