Aspen Bridging has completed a £1.935m Bridge To Let facility in 14 days to refinance a 6,500 sq ft super-prime property in Alderley Edge, Cheshire.
The nine-month bridging facility has been agreed at a flat rate of 0.74% per month and will allow the borrower to redeem an existing charge while securing a tenant and establishing rental income.
Once the initial bridging period ends, the borrower has the option to move onto a serviced buy-to-let period at 6.94% per annum for a further three years under the same facility documentation.
The structure provides an alternative to arranging a separate refinance at the end of the bridge and gives the borrower a predetermined route into longer-term funding.
SUPER-PRIME REFURBISHMENT
The five-bedroom detached property has remained within the same family ownership for more than 30 years and has recently undergone an extensive refurbishment and extension.
It now includes a tennis court, swimming pool, gym and studio, alongside parking for 10 cars.
The borrower is an established property professional who intends to retain the property as a long-term investment alongside an existing portfolio.
The initial bridge provides time to secure a tenancy and stabilise the property’s rental income before potentially transitioning onto Aspen’s buy-to-let facility.
Daniel Tame, underwriter at Aspen Bridging, handled the application from start to finish as part of the lender’s one-person-per-case approach.
‘CLEAR AND PRACTICAL ROUTE’
Tame says: “Our Bridge To Let product delivers a clear and practical route between short-term and long-term finance. The ability to provide a rapid bridge, together with clearly defined exit options, gives the client the flexibility and certainty required to complete the next stage of their investment strategy.”
Aspen’s Bridge To Let proposition allows borrowers to take an initial bridging or development facility for up to 24 months before moving onto a buy-to-let period of up to three years.
It can be used for works and non-works projects involving residential, semi-commercial and commercial property across England and Wales and is available to UK and foreign nationals.
Current flat rates start from 0.69% per month, with stepped rates starting at 0.35%, followed by serviced buy-to-let rates from 6.89% per annum.
Aspen offers loans of up to £15m through the proposition at LTVs of up to 80%.
