Aspen Bridging has announced the completion of a £2.3m bridge which covered an existing lender repayment and finish and exit on a luxury house, along with the all-in purchase of a high-end apartment.
The lender said the first requirement involved an eight-bedroom newbuild mansion, where the client was nearing the end of the development and was looking to capital raise on the site to fund the 100% purchase of an investment property – while extending the marketing period of the development.
As build control sign-off and warranty were still to be provided, Aspen liaised with the developer to ascertain all information and ensure completion was not delayed.
The second element was the purchase of a luxury three-bedroom newbuild flat, and the lender stated that the investment property was funded in full including stamp duty and all associated fees.
Aspen revealed that it provided 72% LTV at a rate of 0.49% for the initial six-month period of the 12-month term.
The application was introduced by Foyaz Ahmed at Rainstone Money, John Smith of Fieldfisher LLP handled legals and Aspen credit manager, Harry Baker, took the case from start to finish.
Baker said: “We will always back quality developments that require extended sales periods, but to do so whilst capital raising to 100% to fund another purchase clearly demonstrates our flexibility and willingness to take on complex cases where other lenders would walk away.”
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