The property investor requested £2.5m upfront on the £3.1m purchase price, marking 80% LTV on day one, with the extra finance available for light refurbishment.
The deal was led by senior underwriter, Richard Tweddell who proposed the bridge-to-let product to allow extra flexibility.
The deal was finalised over a 24-month term, with the initial 12-month bridge on a flat rate of 0.89% pm followed by a 12-month BTL period at 6.99% per annum — exit is currently planned through sale of the flats.
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Ian Miller-Hawes, sales director at Aspen, said: “Our bridge to let product is designed for flexibility, empowering borrowers seeking unrushed development exits, heavy to medium works cases or foreign national purchases with the full flexibility to either refinance onto the best BTL rates or sell and realise the profits.
“In this instance it was perfect for the applicant, and to be able to turn the deal around in a month despite the late change in company names highlights just how flexible we can be.”
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