Aspen has completed a £950k commercial bridge-to-let facility in 10 days to support the auction purchase of a seven-storey office block in central Birmingham.
The property, a 6,000 sq ft mid-terrace period building on Temple Row overlooking St Philip’s Square in the city’s central business district, was already occupied by the applicant’s business when it was brought to auction at what was described as a competitive price.
With a tight deadline to secure the asset, Aspen structured the deal using its No Valuation and Bridge To Let products. The borrower intends to implement an OpCo – PropCo structure following completion, with one group company fully tenanting the building.
The commercial bridge was agreed at 0.89% per month over nine months. This will be followed by a buy-to-let period at 6.49% per annum over two years, with exit via refinance onto a commercial buy-to-let product.
The case was handled from start to finish by senior underwriter Laura Randall, in line with the lender’s one-person per-case customer service commitment.
Jack Coombs, chief operating officer at S&U PLC, parent company of Aspen, said: “Auction purchases demand speed and certainty. Our ability to complete within 10 days, while structuring a solution that supports the borrower’s longer-term refinance strategy, highlights the flexibility and responsiveness that underpins Aspen’s product propositions and commitment to best-in-industry service levels.
“At the start of the year, Aspen increased the market scope of its Bridge To Let product by reducing rates and introducing a combined term of up to five years.
“Applicants can now opt for a bridge or development loan of up to 24 months followed seamlessly by a buy-to-let which can run up to three years.”
The lender said the enhancements were designed to provide greater flexibility for borrowers seeking short-term finance with a defined investment exit strategy.
