Aspen Bridging has backed a first-time buyer requiring maximum leverage to purchase an off-plan, new-build flat in London, saving their initial 10% deposit.

The bridge, completed for £460,000 at 74% LTV, was for a seventh floor apartment in the Fulham Reach Development which will operate as the applicant’s inaugural but-to-let (BTL) investment. Aspen revealed that the initial rate is 0.59% per month for six months.

The case was introduced to Aspen by Andrew Thriepland at Capricorn Commercial who suggested that the lender’s stepped offering and leverage would meet the client’s requirements.

“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,” Thriepland said.

“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.”

Aspen managing director, Ed Ahrens, 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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