Aspen Bridging has seen an influx of overseas investment enquiries since the Government’s ‘mini-budget’ on September 23rd.
With the continued weakening of the Pound and the large reduction in short-term lending and term-based mortgages, Aspen has seen overseas investors reach nearly 30% of all new enquiries.
What’s more, it found that foreign nationals have made up over 20% of its main client base over the past 12 months.
Jack Coombs, director at Aspen Bridging, said: “Many investors are looking at the fluctuating value of the Pound against their local currencies, as well as the US Dollar, and there is no denying they see the UK as a good place to develop their portfolios right now.
“Of course, time is critical which is why we have seen a large increase in overseas enquiries, where we are today may look different following the Treasury’s Medium-Term Fiscal Plan (October 31st).
“This is why overseas applicants turn to us, they know we have the experience and processes to complete quickly.”
This marked increase in overseas interest is evident, as Aspen reports to have completed its latest foreign national purchase bridge in just 20 days.
The unnamed Chinese applicant required a £1,486,250 gross loan to purchase a £2m two-bed luxury apartment at the prestigious St George: London Dock development in E1W.
The case, which was taken from start-to-finish by underwriter Laura Randall, was completed on the lender’s popular 0.39% per month Stepped Rate over eight months. Exit will be through refinancing of the property.
