Aspen has completed a £1.9m Bridge to Let facility secured against a prime Central London apartment in Mayfair, owned through a Singapore-based corporate structure.
The transaction involved a high-end two-bedroom, third-floor apartment overlooking Berkeley Square, with the overseas borrower requiring funds to redeem an existing £1.5m facility while releasing additional capital for business purposes.
The lender said the transaction involved navigating the Singapore-based corporate structure and associated legal requirements surrounding document provision and signatory execution via international notaries.
Aspen worked with solicitors in both the UK and Singapore to complete the deal.
The lender also used its no valuation product, visiting the property on a Saturday to undertake an in-house valuation.
The bridge was completed at a flat rate of 0.74% per month over eight months and allows the borrower to optionally transition, using the same facility documentation, onto a serviced buy-to-let period at 6.99% per annum over two years.
The application was handled from start to finish by underwriting manager Richard Tweddell under Aspen’s one-person-per-case service model.
Tweddell said: “Trophy assets like this Berkeley Square apartment continue to attract international investors, but transactions involving overseas corporate structures often require careful coordination between lenders, solicitors and advisers across multiple jurisdictions.
“With extensive experience in dealing with overseas clients we were able to deliver complex cross-border refinancing efficiently and release capital for the client to redeploy where it was needed most.”
