Aspen Bridging has completed a £3m bridge-to-let deal for the purchase and renovation of a block of 13 flats in Bath, Somerset, in under a month.

Via the broker, the property investor requested £2.5m upfront on the £3.1m purchase price, marking 80% LTV on day one, with the extra finance available for light refurbishment and the potential to redevelop the basement to add an additional unit, subject to planning consent.

Despite the applicant changing the lead company name at the last minute, the case was still completed within the required timeframe.

The deal was taken from start to finish by senior underwriter at Aspen, Richard Tweddell, who proposed the bridge-to-let product to allow extra flexibility, should the project encounter any issues or the applicant decide on a different exit.

It was finalised over a 24-month term, with an initial 12-month bridge on a flat rate of 0.89% per month, followed by a 12-month bridge-to-let period at 6.99% per annum.

The exit is currently planned through the sale of the flats.

Sales director at Aspen Bridging, Ian Miller-Hawes, said: "Our bridge-to-let product is designed for flexibility, empowering borrowers seeking unrushed development exits, heavy to medium works cases or foreign national purchases with the full flexibility to either refinance onto the best bridge-to-let rates or sell and realise the profits.

"In this instance it was perfect for the applicant, and to be able to turn the deal around in a month despite the late change in company names highlights just how flexible we can be."

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