Aspire Property Finance is a new division of growing Wiltshire firm South West Business Finance( SWBF).

It was set up to support businesses and individuals across the UK with their finance needs following an increase in demand from clients nationwide.

The Business Exchange met with Rich Manning and Nicki Cholerko, property finance specialists at Aspire Property Finance to find out more about its offering and the current state of the market.

NICKI CHOLERKO

RICH MANNING

What does Aspire Property Finance offer buyers and investors?

NICKI: We offer a number of solutions, including property finance for single unit builds through to major mixed use sites, alongside buy-to-let and commercial mortgages, bridging finance and auction finance. We get to know our clients to source mortgages to suit their needs, whether they are first-time buyers, landlords, developers, or hold a multi-property portfolio.

How has coronavirus impacted the property market and your business?

RICH: Not as much as was first feared, that’ s for sure. There was a slow-down initially due to uncertainty from investors and lenders, however once the first lockdown eased it was pretty much business as usual. The only real complication has been with valuations, as the uncertainty meant that surveyors were less willing to come back with a true market figure. As 2020 progressed this did start to improve and there have now been sufficient completions since the start of the pandemic to provide the comparable evidence required. Mortgage rates are back to where they were previously, lender appetite is still strong and investors are still buying. Property investors will always spot an opportunity and as long as there are lenders prepared to back them, the market will still keep moving.

Over the past six months we have successfully helped fund deals for multiunit freehold blocks of flats, large houses in multiple occupation( HMOs), as well as holiday lets. They all had their own quirks

and complications to overcome but we love these challenges and will always tailor an approach that best suits the client and the property they bring to us.

NICKI: One of the challenges we love getting involved in is when there’ s a completion deadline to work towards. With auction purchases, once the lot has completed the clock starts ticking and we usually have 20 working days to arrange funds and get the purchase across the line. Whilst we would always recommend that the legal pack is reviewed by a solicitor, this won’ t always pick up everything and there are usually little surprises that present themselves. Having good knowledge and experience of these challenges and of the lending options available ensures that a timely and suitable solution can be quickly found.

In the past six months we have successfully provided funding for a run-down London house, using a combination of short-term bridging finance and buy-tolet remortgages to raise 100 per cent of the purchase price. We have also secured funding for refurbishment projects, garages and land with planning. Every enquiry is unique but there is always a solution available, even if it requires some‘ outside the box’ thinking.

Are you seeing a rise in any particular type of finance at the moment?

RICH: Development exit finance has seen a sharp rise over the past 12 months due to the impact of Covid on construction and subsequent sales. Exit finance options

provide cash to the developer to repay any outstanding finance and often the deposit funds that allow them to move on to the next project. Holiday let mortgage enquiries have also seen a rapid increase.

Is there an area of the South West property market which is particularly buoyant at the moment in terms of geography?

NICKI: I would say that Bath has seen more activity, especially in the short-term holiday let market. Devon and Cornwall was stated as being the most sought-after area for property for purchases and investment, taking this past London for the first time. The main tourist locations have also seen an increase in activity for investors and developers looking to make the most of staycations. The holiday let market is definitely being viewed as an alternative to standard buy-to-let and there are new mortgage products tailored for this need being released by lenders equally keen to get in on the action.

Are you seeing any other boom areas for property investment in the UK?

RICH: I wouldn’ t say boom areas but the general appetite across all asset sectors is back to pre-pandemic levels, so now is the time to get in on the action!

To find out more about Aspire Property Finance visit: www. aspirepropertyfinance. co. uk call: 01225 800849 or email: enquiries @ aspirepropertyfinance. co. uk

Bridging Finance

Commercial Mortgages

Property Developments

Buy to Let Mortgages