Aspen Bridging supplies £2.3m three-in-one bridge
Aspen Bridging has completed a £2.3m bridge which covers an existing lender repayment, plus finish and exit on a luxury house, along with the all-in purchase of a high-end apartment.
The first requirement involved an eight bedroom new-build mansion in Hornchurch, where the client was nearing the end of the development and was looking to capital raise on the site to fund the 100% purchase of an investment property while extending the marketing period of the development.
As build control sign-off and warranty were still to be provided, Aspen liaised directly with the developer to ascertain all information and ensure completion was not delayed.
The second element was the purchase of a luxury three bedroom new-build flat in Canary Wharf, the investment property was funded in full including stamp duty and all associated fees.
The apartment also had an outstanding issue to remedy for the purposes of the EWS1 form, and the lender liaised directly with developer Ballymore to get confirmation this was in hand.
Aspen provided 72% loan-to-value (LTV) at a rate of 0.49% for the initial six month period of the 12-month term.
The application was introduced by Foyaz Ahmed at Rainstone Money, John Smith of Fieldfisher handled legals and Harry Baker, credit manager at Aspen took the case from start to finish.
Baker said: “We will always back quality developments that require extended sales periods, but to do so whilst capital raising to 100% to fund another purchase clearly demonstrates our flexibility and willingness to take-on complex cases where other lenders would walk away.”