Aspen completes complex £2.8m portfolio bridge for foreign national

06 February 2025

Aspen Bridging has completed a complex £2,815,000 Residential purchase loan for a foreign applicant who put forward four security properties to rapidly secure funds to buy a five-bedroom detached house in Woking, Surrey.

With the vendor threatening to pull the sale and a 75% LTV, the applicant offered his unencumbered buy-to-let property portfolio comprising apartments across London and East Sussex.

The deal was done in conjunction with the lender’s No Valuation product with RICS assessments on all properties performed in-house. Completion was further expedited through its remote DocuSign processes.

The deal was completed on Aspen’s Stepped Rate starting at 0.55% over 10 months. Exit will be achieved through refinance onto a buy-to-let mortgage.

In line with Aspen’s one-person-per-case customer service philosophy the deal was taken from start-to-finish by Head of Underwriting, Saif Khalique.

Saif said: “This case had several challenges with a short timeframe and a number of different assets across London and the South-East.

“With the borrower concerned about the cost of four separate valuations we made a joint decision to couple the Residential bridge with our in-house No Valuation product which ultimately saved the borrower time and money.”

Aspen Bridging recently launched its 2025 Rate Card with reductions of up to 80bps for all new applications and a higher maximum loan size of £15m net.

The cut sees Flat Rates starting from 0.79% per month and Stepped Rates from an initial 0.45% per month.

Aspen’s Heavy Refurbishment Bridge product is now available up to 75% LTV with rates from 0.87%, while the lender’s leading Development Exit and Refurbishment bridge has also been updated and is available at 80% LTV with rates from 0.89% and up to 75% LTV from 0.84%.