Aspen was chosen over a competitor for a £4 million refurbishment bridge for an Egyptian national with a track record of multi-million pound high-end developments.
The lender worked closely with the broker to complete the complex case on the six-bedroom detached property in Beaconsfield, Buckinghamshire with £2,625,000 for the property purchase and £830,000 for the cost of works plus retained interest and Stamp Duty.
Further security was taken against another six-bedroom home in Gerrards Cross, Buckinghamshire which, valued at £2,750,000 thereby allowing the client to borrow funds to cover all outgoings.
The deal was completed at 70% LTV on the lender’s Flat Rate at 0.90% over 14 months. Exit will be achieved through sale.
Ian Miller-Hawes, sales director for Aspen Bridging, said: “It’s not often you go head-to-head against a fellow bridging lender to win a deal but the fact we could offer a better rate, a deal structured to the applicant’s requirements, and I dare say a first-class service made this a very enjoyable case.
“Our proven track record with multi-million pound bridges for high-end developments put us in a fantastic position from the outset, and once you add in our in-house bespoke remote signing and witnessing agreements for international clients our overall proposition is hard to beat.”
