Situated on Temple Row and overlooking St Phillip's Square at the heart of the Central Business

District, the applicant’s business already tenanted the 6,000 square foot mid-terrace period building when they were informed it was to be sold imminently at a competitive price.

For speed, Aspen structured a specialist facility utilising their award-winning No Valuation and Bridge To Let products, with the business planning a OpCo - PropCo structure following the purchase which would see one of their companies fully tenant the property.

The Commercial bridge term was finalised at 0.89% per month over nine-months, which will be followed by a BTL period serviced at 6.49% per annum over two years. Exit will be achieved through refinance onto a Commerecial Buy To Let product.

In-line with the lender’s one-person per-case Customer Service Commitment the application was taken from start-to-finish by Senior Underwriter, Laura Randall.

Jack Coombs, Chief Operating Officer at S&U PLC, parent company of Aspen, said: “Auction purchases demand speed and certainty. Our ability to complete within 10 days, while structuring a solution that supports the borrower’s longer-term refinance strategy, highlights the flexibility and responsiveness that underpins Aspen’s product propositions and commitment to best-in-industry service levels.”

At the start of the year, Aspen increased the market scope of its Bridge To Let product by reducing rates and introducing a combined term of up to five years.

Applicants can now opt for a bridge or development loan of up to 24 months followed seamlessly by a BTL which can run up to three years.

Associated bridging rates are available from 0.35% per month followed by a serviced buy to let period at 6.89% per annum. The maximum loan size is £15m with LTVs of up to 80% and the product is available to fund residential, semi-commercial and commercial properties across England and Wales.