Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.

Aspen Completes £2.475m Bridge-to-Let Deal for Kensington Penthouse

Aspen, a specialist bridging lender, has completed a £2.475 million Bridge-to-Let facility for the purchase of a four-bedroom penthouse in the Royal Borough of Kensington and Chelsea. The property was acquired at auction by a foreign national investor using a Spanish-registered corporate entity, with the intention to hold it as a long-term investment in the private rental sector.

The transaction was finalised in under three weeks and funded the auction purchase of a penthouse extending over 3,000 square feet. The property features a 360-degree wraparound balcony with views across London, a private hot tub terrace, and outdoor entertaining space.

The facility was structured as a nine-month agreement at a flat rate of 0.84% per month, with an option to transition to a serviced buy-to-let period at 6.89% per annum over two years, using the same documentation. This marks Aspen’s second prime central London transaction within seven days, following a £1.9 million Bridge-to-Let facility for a Mayfair apartment purchased by an overseas investor through a Singapore corporate structure.

Both recent transactions involved foreign nationals investing via overseas corporate structures, which added complexity to the underwriting process. The auction timeline was a key factor in the speed of completion, with the lender noting the importance of certainty and speed in such purchases.

These deals come at a time when major lenders are cutting mortgage rates in response to falling swap rates, and UK property offers have declined by 6% as buyers become more selective. Despite this, the two prime London completions within one week highlight ongoing interest from international investors in high-value residential property in the capital.