The applicant’s business had already tenanted the 6,000 sq ft mid-terrace period building when it was informed that the property — situated on Temple Row and overlooking St Phillip's Square at the heart of the central business district — was to be sold imminently at a competitive price.
For speed, Aspen structured a specialist facility utilising its no valuation and bridge-to-let products. Following the purchase, the business is planning an OpCo-PropCo structure that would see one of its companies fully tenant the property.
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The commercial bridge term was finalised at 0.89% per month over nine months, which will be followed by a BTL period serviced at 6.49% per annum over two years.
Exit will be achieved through refinance onto a commercial BTL product.
The application was taken from start to finish by senior underwriter Laura Randall.
Jack Coombs, COO at S&U PLC, parent company of Aspen, commented: “Auction purchases demand speed and certainty.
“Our ability to complete within 10 days, while structuring a solution that supports the borrower’s longer-term refinance strategy, highlights the flexibility and responsiveness that underpin Aspen’s product propositions and commitment to best-in-industry service levels.”
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