Aspen completes £7.8m bridge for foreign national's latest super-prime purchase

20 November 2024

Aspen has again proven its ability to provide immediate finance for high net worth individuals with a £7,825,000 Residential Purchase bridge on a super-prime property in Kensington, London.

The Nigerian national required the funds in six weeks to secure a luxury four-bedroom apartment in Lancer Square, a world-class collection of 36 apartments and penthouses immediately behind the illustrious Kensington Palace Gardens and just off Hyde Park.

The lender utilised their bespoke remote signing and witnessing agreements for international clients to ensure the funds were available on the exact day required.

The deal was completed at 72% LTV on Aspen’s Stepped Rate starting at 0.59% over 10 months. Exit will be realised through a buy-to-let mortgage.

In-line with the lender’s one-person per-case Customer Service Commitment, the application was taken from start-to-finish by Head of Underwriting, Saif Khalique.

Saif said: “This year we have completed bridging loans on several super-prime properties in Kensington and surrounding areas for both British and foreign nationals.

“We have built a strong reputation for delivering on large ticket-sized loans where reliability pays and for being able to move quickly and seamlessly to meet the demands of high net worth individuals looking to seize new and pressing opportunities to grow their portfolios.”

Aspen Bridging recently announced that it has reduced rates across the board by up to 60bps for all new applications.

Flat Rates now start from 0.85% per month and Stepped Rates from an initial 0.59% per month. Residential & Development Exit rates are available at 0.87% at 75% LTV and & 0.85% at 70% LTV, while the lender’s Refurbishment bridge begins at 0.89% at 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.