Aspen provided a 70% LTV bridge and are funding works in arrears (up to 100% of build cost) to fund the purchase and student HMO conversion of this terraced property in Nottingham.
HMO's can be an excellent source of passive income and are becoming an extremely popular investment choice for all levels of investors and landlords.
The client secured our rate of 0.59%, and a term of 12 months and Saif Khalique, underwriter at Aspen, handled the case from start to finish.
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Aspen provided a 68% LTGDV bridge and are funding works in arrears (up to 100% of build cost) to fund the conversion to HMO of this terraced property in Wales.
Two foreign developers purchased a pub in late 2019, with intentions to convert the asset into a large 20 bed HMO. Having successfully been granted Suis Generis planning, they now sought a low cost development facility.
The deal was introduced by Win Hashtroodi of Capricorn Commercial and underwritten by Jamaal Mckoy was quick to provide terms within the 15 min SLA, which resulted in the clients locking our flat rate product at 0.89% on a 14 month term.
Our funding will be drawn down in 4 stages with a facility of £235,000 to see the works through to the finish. A special thanks to Ayesha Yunus - Solicitor of Ola Leslie Solicitors, who completed the remote signing of the legal documents well past midnight to work around the clients timescales.
A rapid £2,327,250, 73% loan-to-value bridging loan from Aspen has saved a customer's £125k auction purchase deposit and provided additional funding on a part-finished development.
Completed in just 15 days at 0.49% for six months on the lender's stepped rate product, the deal brings together both a rapid auction purchase and finish-and-exit elements under one roof.
The auction purchase, a six-bedroom semi-detached in Wandsworth, was bought at the end of August with the monies required within a 15 day period.
The part-finished development project, a five-bedroom terraced property in the same area, was purchased in 2019 and still has £140k works outstanding. The deal also includes 100% works funding.READ MORE