Aspen has completed a £1.935m bridge to let facility in 14 days to support the refinancing of a super-prime property in Alderley Edge, Cheshire, allowing an established property professional to retain the asset as a long-term rental investment.
The property is a five-bedroom detached house of 6,500 sq ft that has been in the same family for more than 30 years. It has recently undergone a full refurbishment and extension, adding a tennis court, swimming pool, gym, studio and parking for 10 cars, with the works incorporating the latest smart home technologies.
The facility redeems the existing charge and gives the borrower time to secure a tenancy and stabilise rental income before transitioning to longer-term finance. The client intends to add the property to an existing investment portfolio on a long-term basis.
The bridge was structured on a flat monthly rate of 0.74% for an initial nine-month term. At the end of that period, the borrower has the option to move onto a serviced buy-to-let rate of 6.94% per annum for a further three years, under the same facility documentation, without the need for a separate refinance.
The application was managed from start to finish by a single underwriter, Daniel Tame, in line with Aspen's one-person-per-case customer service model.
"Our Bridge To Let product delivers a clear and practical route between short-term and long-term finance," Daniel said. "The ability to provide a rapid bridge, together with clearly defined exit options, gives the client the flexibility and certainty required to complete the next stage of their investment strategy."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
