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FTB secures first BTL investment with Aspen bridge

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  • 15/10/2020
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FTB secures first BTL investment with Aspen bridge
A first-time buyer who needed maximum leverage to buy an off-plan, new-build flat in London to save their initial 10 per cent deposit has received funding from Aspen Bridging.

 

The £460,000 bridging loan at 74 per cent loan to value (LTV) allowed the buyer to purchase a seventh-floor apartment in the Fulham Reach development as their first buy-to-let investment. 

The initial rate is 0.59 per cent per month for six months. 

Andrew Thriepland, senior mortgage and protection adviser at broker firm Capricorn Commercial, brought the case to Aspen while Leigh Haigh, real estate finance executive at law firm Fieldfisher, undertook the legals. 

Thriepland said: “Leverage is vital for property investors, and in this particular case was essential for the applicant to secure the apartment, save their initial investment and begin their career as a property investor. 

“As always Aspen, and in particular senior underwriter Prabhat Talwar who took the case from start-to-finish, immediately understood the aspiration and requirements and worked with all parties to ensure the funds were released as soon as possible.” 

Ed Ahrens, managing director of Aspen Bridging, added: “To provide a first-time buyer with the required leverage in the current environment highlights the real can-do attitude of our lending criteria, but more importantly protects the investment for the applicant.” 

 

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