The joint borrowers initially approached the lender to refinance their existing loan on a large modern block of 13 apartments with a single large commercial unit in Greenford, Uxbridge before adding a six-bedroom HMO with retail space in Kingston-Upon-Thames at the eleventh hour as additional security.

The lender immediately utilised key elements of their award-winning No Valuation product on the new property and secured a credit offer within 24 hours to ensure the existing redemption date was met.

The deal was completed at 75% LTV with the bridge term finalised at 0.89% over six months followed by 6.74% on the serviced buy-to-let period over two years. Exit will be achieved through sale of a number of the units with the remainder being refinanced onto a further buy-to-let product.

In-line with Aspen’s one-person-per-case customer service philosophy both deals were taken from start-to-finish by Credit Manager, Sinead McMurray.

Jack Coombs, Chief Operating Officer at S&U PLC, parent company of Aspen, said: “The structure of our serviced Bridge to Let offering means the clients were able to redeem the existing refurbishment loan on time whilst giving them full flexibility to pursue their best exit strategy in the future.”

At the start of the year, Aspen updated its award-winning Bridge To Let product with the launch of a new three-year hybrid offering.

The offering allows applicants to opt for a nine or 12-month bridge followed immediately by a two-year BTL option. The loan is fully underwritten upfront and uses one facility letter and one initial valuation for both elements.

The product can be provided with LTVs of up to 80% and is available to fund projects and investment properties across England and Wales. Aspen’s specialist product is available with BTL rates from 6.79% per annum with initial bridging rates from 0.74% per month.