The £457,000 facility provided the borrower assistance with the purchase of the property and made available a further £75,000 of drawdown, representing 100% of the cost of the works.
The loan took under three weeks to complete from initial enquiry and will be used to transform a three-bedroom semi-detached house in Harrow, London, into a four-bedroom HMO.
The deal was completed on Aspen’s stepped rate product, starting at 0.65% over a 10-month term and exit will be achieved through sale of the property.
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The application was taken from start to finish by underwriter, Sinead McMurray, who joined the business in May 2022 through the lender’s graduate recruitment scheme.
Jack Coombs, director at Aspen, said: “In 2019 we became one of the first lenders to launch an 80% LTV bridging product which showed our appetite to assist good developers on quality projects, so to be able to relaunch that product is very positive.”
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