A last minute change of security properties and a deadline to refinance during postal strikes did not stop Aspen Bridging completing a £2.1m bridge-to-let (BTL) loan within three weeks.
The developer was nearing the end of their existing development finance deal, but faced with a cooling market the client sought a bridging solution to complete the finishing touches and sell the newly-built detached six-bedroom house in Twickenham, London for maximum value.
Original security was based on two properties in Twickenham, however as the developer had a fixed low interest term mortgage on one of the properties, Aspen recommended a revised first charge loan using their No Valuation service on another unencumbered property in Surbiton, South West London to enable a better deal to proceed.
Approached by Matthew Archer, director at Tapton Capital, Aspen also agreed to use a comfort charge on the original BTL to enable the rental coverage to be sufficient in order to get the customer the funds required.
Taking the case from start to finish Saif Khalique, senior underwriter and loans manager at Aspen, proposed the bridge-to-let product to give the developer extra flexibility should they encounter any further issues.
The deal was completed at 70% LTV over a 24-month term, with the initial 12-month bridge on a flat rate of 0.89% pm followed by a 12-month BTL period at 6.49% pa.
The team also overcame several logistical problems caused by the postal strikes, coordinating solicitors and borrowers with Aspen’s recommended courier service to guarantee deadlines were met.
Archer said: “Aspen understood the issues and swiftly restructured the loan, using their AVM service and organising rapid security visits to do so. They took a commercial approach throughout and both us at Tapton and our client could not be happier with the result.”
Aspen’s award-winning bridge-to-let product is designed to offer wider use flexibility and lower ERC’s than existing or two-year hybrid offerings.
Available up to 75% LTV, with bridge rates starting at 0.89% pm and BTL rates of 6.49% pa, the product is open to UK and foreign applicants, including first-time buyers, up to a maximum loan size of £10m.
