Aspen completes £3m+ Bridge To Let facility on 21-unit HMO development in Oxford

13 May 2026

Aspen has successfully completed a £3,050,000 Bridge To Let facility to support the refinance and development of a 21-bedroom HMO scheme on the prestigious Iffley Road in Oxford.

The funding package, which represents 80% LTV on day one, comprises an initial advance of £2.05m to redeem the existing purchase loan and continue works with a further £1,000,000 available in staged drawdowns to finish the project.

The development already has full planning permission to amalgamate the ground and first floors with construction already progressing, with works including plastering and dry-lining already complete.

The borrower is an established HMO investor with a substantial local portfolio and a history of delivering similar projects. Aspen has previously funded multiple schemes for the client, reflecting a strong ongoing relationship.

The bridge was finalised at 0.78% per month over 12 months, transitioning onto a serviced BTL period at 6.24% per annum over two years.

Upon completion of the works and stabilisation of the rent roll the borrower will refinance the asset onto a longer-term facility.

In line with the lender’s one-person per-case Customer Service Commitment the application was taken from start-to-finish by Senior Underwriter, Laura Randall.

“This transaction demonstrates our ability to deliver flexible, structured funding solutions for experienced operators executing proven strategies,” said Laura.

“The borrower has a strong track-record of delivering successful HMO conversions in the Oxford market, and this scheme is a continuation of that strategy.”

Aspen’s award-winning Bridge To Let product combines the speed and works-funding of a bridge with the flexibility and certainty of a BTL.

Applicants can opt for a bridge or development loan of up to 24 months followed seamlessly by a BTL which can run up to three years. The product can be used to support residential, semi-commercial and commercial projects for UK and foreign nationals on properties across England and Wales.

Flat Rates start at 0.69% and Stepped Rates from 0.35% followed by a serviced buy to let period at 6.89% per annum. The maximum loan size is £15m with LTVs of up to 80%.