Two deals show how speed is reshaping the property market
Aspen Bridging has completed a £3 million bridge-to-let loan in under a month, to enable a property investor to purchase and renovate a block of 13 flats in Bath (pictured).
The loan offers the investor flexibility for refurbishment and potential redevelopment, with the option to refinance or sell the flats upon completion.
Aspen Bridging offers bridge-to-let loans up to £10 million, with a maximum 75% loan-to-value. Borrowers can choose between 18-month or two-year terms, with the initial bridge period and the subsequent buy-to-let period being equal in length. Bridge rates start at 0.79% per month, followed by a buy-to-let rate of 6.99% per year. This product is available to both UK and foreign nationals, including first-time buyers.
Mortgage broker SPF Private Clients has meanwhile secured a £26.8 million development loan from Cain International for a new development venture.
The funding will be used to construct a 90,000 square foot facility in Bicester that will serve as the new headquarters for YASA, a leading electric drive technology company owned by Mercedes-Benz Group.
It will be part of Bicester Motion, which aims to become a hub for innovation in the transport sector. YASA’s presence is expected to bring over 400 employees to the site, further boosting the estate’s thriving community.
“This funding enables us to support YASA’s growth plans,” said John Bentley, CFO of Bicester Motion. “Cain International has been supportive and flexible in providing us with the development funding required and has the capacity to increase its commitment as we continue to deliver our ambitious and exciting masterplan to boost future mobility discovery.”
