29 Mar 2022

A £3,637,500 bridge at 75% LTV from Aspen has enabled a developer to secure a desirable investment property in Henley-on-Thames.

The 4,000 square feet, five-bed house, which is set within three acres, has views over the Thames and comes with boathouse, tennis court and swimming pool, was in very high demand meaning a quick completion was required to stay ahead of other interested parties.

Having looked at the options case handler Saif Khalique, Senior Underwriter and Loans Manager at Aspen, ensured the applicant raised the maximum possible to assist with the purchase be securing the deal against the property and refinancing a further four-bed residential investment property in Oxfordshire.

The case was completed on the lender’s Flat Rate at 0.79% over 10 months. Exit will be via refinance onto development funding for the new property and sale of the existing investment.

Winston Hashtroodi, Commercial Finance Specialist at Capricorn Commercial, said: “Most of the time, when it comes to high value deals, the rate is not the determining factor. What is important is a lender that understands the deal and delivers results.

“Fortunately Aspen has managed to bring together the best of both worlds, they make sure they look after the client, take a commercial view on the deal and more importantly complete at a very competitive rate.”

Aspen recently launched its 2022 rates and product card with a new Development Exit & Refurbishment product with up to 80% LTV for experienced developers with clean credit. Across its range Flat Rate products start from 0.64% pm and Stepped Rates from 0.39% pm.

Aspen also entered the Bridge-To-Let (BTL) market with an innovative product designed to offer wider use flexibility and lower ERC’s than existing BTL or hybrid offerings. It is available up to 80% LTV with bridge rates starting at 0.64% pm and BTL rates of 4.49% pa.