Aspen Bridging has completed a £5.2m Heavy Works bridge-to-let at 75%, inclusive of 100% works funding at £2m, for an experienced developer purchasing and converting two Grade I listed properties.
The projects will see the first building in Bristol converted into a house, and the second in Bath into multiple apartments and commercial units. The overall GDV is £8m.
The lender’s product enables planning alterations and the option to transfer onto the cheaper bridge-to-let term early after finishing works.
At present the developer plans to exit by way of selling the house and refinancing the semi-commercial building.
The deal was completed over a 24-month term, with the initial 12-month bridge on a flat rate of 0.64% pm followed by a 12-month BTL period at 4.49% pa.
The borrower said: “Aspen vastly exceeded expectations regarding speed, flexibility and responsiveness. Very impressed all round, we’ll certainly work with them again.”
Aspen launched its innovative bridge-to-let product in February, which is designed to offer wider use flexibility and lower ERC’s than existing or hybrid named offerings.
Available up to 80% LTV, with bridge rates starting at 0.64% pm and BTL rates of 4.49% pa, the product is open to UK and foreign applicants, including first-time buyers, up to a maximum loan size of £10m.
Terms run for either 18 months or two years, and are split equally between the retained bridge initial period and the serviced BTL.
