Aspen completes £4.6m bridge to let on super-prime Chelsea penthouse

The deal was finalised at 68% LTV over a 27-month term, with an initial nine-month bridge on a flat rate of 0.85% per month followed by a two-year BTL period serviced at 7.49% pa.

Exit is currently planned through refinance onto a BTL term product.

The facility, which follows the lender’s £2.8m purchase loan on a house in Surrey, will allow the Chinese applicant to complete a small refurbishment of the interior followed by two-years’ rental servicing.

The property is a five-bedroom luxury penthouse, situated on the River Thames, which is set over three upper floors of a modern block and comprises five external terraces.

The case was completed in under a month with the lender using their remote signing and witnessing agreements for international clients to ensure the funds were available on the exact day required.

In-line with Aspen’s one person per case customer service commitment, the deal was taken from start-to-finish by head of underwriting, Saif Khalique.

At the start of the year, Aspen updated its bridge to let product with the launch of a new three-year hybrid offering.

Saif commented: “I’m very proud of the fact that Aspen is increasingly the trusted lender of choice when our broking partners are looking to place their big-ticket deals.

“Our track-record in this market over the last 12-months speaks for itself and we are driven to meet our goal of £250m in new lending for this year.”

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