Aspen and Blackhill complete £2.975m bridge in seven days for Nigerian national

23 January 2023

Aspen Bridging, in partnership with broker Blackhill Private Finance, has completed a £2,975,000 Residential Purchase bridge for an overseas client in just seven days.

The investor, a high-net worth Nigerian national, needed funds immediately after a late opportunity arose to buy an exclusive five-star, three-bedroom duplex penthouse in a newly built luxury apartment complex in St John's Wood, London.

Completed at 70% LTV, the lender used its remote signing procedure which is designed exclusively to fast-track international applications.

The process was further streamlined by Aspen’s one-person-per case approach, in this case taken from start-to-finish by Senior Underwriter and Loans Manager, Saif Khalique.

The deal completed on a Flat Rate of 0.89% per month over 10 months. The investor plans to let the luxury apartment and will exit through refinance onto a long-term product.

Michael Abebe, Managing Principal at Blackhill Private Finance, who introduced the case to Aspen, said: “It was an absolute pleasure, as always, working with Jack and Saif to execute this deal in lightning quick fashion.

“It’s especially wonderful to witness the growing trust and confidence that Aspen continues to maintain in Blackhill Private Finance. We look forward to another great year in 2023 as partners in progress.”

Aspen’s rates and product card sees Stepped Rates from 0.49% and Flat Rates from 0.79%. The lender operates a maximum loan size of £10m net, up to 75% LTV and with terms running from six to 24 months.

In 2022 the company launched two innovative products, Development Exit & Refurbishment and its award-winning Bridge-To-Let.

Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.