Aspen has successfully completed a £7.8 million bridging loan for a foreign national in the prestigious area of Kensington, London.
- The buyer, a Nigerian national, secured a luxurious four-bedroom apartment near Kensington Palace Gardens.
- Aspen utilised remote signing to meet the client’s needs quickly and efficiently.
- The transaction was completed with a 72% loan-to-value on a Stepped Rate plan.
- Exit strategy involves transitioning to a buy-to-let mortgage.
Aspen has triumphantly executed a complex bridge loan totalling £7.8 million for a foreign national client. The deal facilitated the purchase of a super-prime property in Kensington, London, known for its exclusivity and proximity to Kensington Palace Gardens.
The client, hailing from Nigeria, sought to acquire a lavish four-bedroom apartment located just off Hyde Park. Urgency was paramount as the buyer required the funds within a short six-week window, necessitating prompt and precise action from Aspen.
To accommodate the international client, Aspen employed remote signing and witnessing agreements. This innovative approach ensured that the required funds were made available precisely on the stipulated date, demonstrating Aspen’s capability to manage cross-border transactions effectively.
The loan was structured at a 72% loan-to-value ratio, offering a Stepped Rate starting at 0.59% over a ten-month term. Such financing terms underscore the strategic nature of the loan, designed to cater to high net worth individuals.
The completion of the deal was shepherded by Aspen’s head of underwriting, Saif Khalique. He remarked on the company’s growing reputation for fulfilling large-scale loans swiftly, a key requirement for investors eyeing high-value properties. Khalique noted, “This year we have completed bridging loans on several super-prime properties in Kensington and surrounding areas for both British and foreign nationals.”
The plan to transition the financial arrangement from a bridging loan to a buy-to-let mortgage marks the strategic exit strategy, providing the client with a channel to secure ongoing rental income from the property.
Aspen has demonstrated its adeptness in facilitating high-value, time-sensitive financial transactions within the luxury real estate market.
