ASPEN BEATS FELLOW LENDER TO £4M REFURBISHMENT BRIDGE COVERING TWO MANSIONS

04 July 2024

A better rate and preferably structured loan ensured Aspen beat a close competitor to secure a near £4 million Refurbishment bridge for an Egyptian national with a proven resume 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 striking six-bedroom home in the upmarket commuter belt of 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.

In line with Aspen’s one-person-per-case customer service philosophy, the deal was taken from start-to-finish with aplomb by Senior Credit Analyst, Sinead McMurray.

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,”

Aspen Bridging’s Rates & Product Card has Flat Rates, across all product types including heavy works, available at 0.89% plus one month’s exit at 80% LTV as well as 0.89% at 75% LTV and 0.85% at 65% LTV.

Stepped Rates start from 0.55% per month for the first six months across all product types and are available up to 80% LTV.

Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.