ASPEN COMPLETES COMPLEX £1.1M BRIDGE FOR RETURNING CUSTOMER
01 Jun 2023
Aspen Bridging has completed a 73% LTV, £1.1m No Valuation facility in just over two weeks, overcoming complex legal issues and short timeframes across development sites 100 miles apart.
The loan was required to repay an outstanding facility that was due to imminently expire on a land site in Birmingham, with the developer putting forward two five and six bedroom detached houses in Bristol as security.
Complicating matters against the tight deadline the title register for the Bristol properties still showed a previously redeemed charge so the lender worked closely with solicitors on both sides to source and lodge appropriate discharges simultaneously with completion.
The deal was completed on Aspen’s Stepped Rate product, starting at 0.59% over a 10-month term. Exit will be achieved through sale of the properties. The application was taken from start-to-finish by Senior Underwriter, Laura Randall.
Aspen’s No Valuation bridge is a unique product which removes the need for physical inspection to speed up the loan process.
The client, a returning customer, said: “Aspen is undoubtedly a leader in the bridging loan industry. Their streamlined application process, flexibility, competitive rates, speedy approval and funding, expert guidance and ethical practices make them an exceptional choice for anyone seeking a bridging loan.”
Since completing this loan at the start of May, Aspen has already completed another facility with the same borrower.
Aspen Bridging recently launched its Summer 2023 Rates & Product Card with rates dropped by 60 bps across the board and 80% LTV reintroduced on its Development Exit & Refurb product.
Flat Rates, across all product types including heavy works, are now available at 0.89% plus one month’s exit at 80% LTV, 0.89% at 75% LTV and 0.85% at 65% LTV.
Stepped Rates start from 0.49% per month for the first six months across all product types and go right up to 80% LTV.
Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.