Aspen has completed a £2.475m bridge-to-let facility for an auction purchase by a Spanish-registered corporate entity – marking its second Prime Central London deal in seven days.
The transaction enabled the acquisition of a four-bedroom penthouse apartment which extends to over 3,000 sq ft in the heart of the Royal Borough of Kensington and Chelsea.
The property features a 360-degree wraparound balcony with uninterrupted views across London’s most recognisable landmarks, a private hot tub terrace and outdoor entertaining areas.
The purchaser, a foreign national investing through a Spanish-registered corporate entity, secured the asset at auction and will retain the property as a long-term investment within the private rental sector.
The bridge was finalised on a flat rate of 0.84% per month over nine months and allows for the borrower to optionally transition, using the same facility documentation, onto a serviced buy-to-let period at 6.89% per annum over two years.
It is the second case completed in quick succession by underwriting manager, Richard Tweddell who also oversaw a £1.9m bridge to let facility on a luxury apartment in Mayfair for an overseas investor operating through a Singapore corporate structure.
Tweddell: “Auction purchases demand certainty and speed above all else, with the client’s timeline set from the moment the hammer falls.
“Here we were also navigating a foreign national investing through an overseas corporate structure, adding layers of legal and underwriting complexity.
“That we were able to complete this within just three weeks, and only days after our Berkeley Square facility, reflects the capability we have built in serving international clients at the prime end of the market.”
