Specialist bridging lender, Aspen, has announced that it has completed its second prime central London facility in just seven days, delivering a £2,475,000 Bridge-to-Let for an auction purchase in under three weeks.
The facility funded the acquisition of a four-bedroom penthouse extending to more than 3,000 sq ft in the Royal Borough of Kensington and Chelsea. The apartment features a 360-degree wraparound balcony with uninterrupted views across the capital's skyline, alongside a private hot tub terrace and outdoor entertaining space.
The purchaser, a foreign national investing through a Spanish-registered corporate entity, secured the property at auction and intends to hold it as a long-term investment within the private rental sector.
Aspen structured the bridge on a flat rate of 0.84% per month over nine months. The facility also allows the borrower to transition, using the same documentation, onto a serviced BTL period at 6.89% per annum over two years, without the need for a separate application.
Underwriting manager Richard Tweddell led the transaction, his second completion in quick succession after overseeing a £1.9m Bridge to Let facility on a luxury Mayfair apartment for an overseas investor operating through a Singapore corporate structure.
"Auction purchases demand certainty and speed above all else, with the client's timeline set from the moment the hammer falls," said Richard Tweddell, underwriting manager at Aspen.
"Here we were also navigating a foreign national investing through an overseas corporate structure, adding layers of legal and underwriting complexity."
He added that the pace of delivery reflected Aspen's growing capability in this part of the market. "That we were able to complete this within just three weeks, and only days after our Berkeley Square facility, reflects the capability we have built in serving international clients at the prime end of the market."
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