17 Jan 2022

Aspen Bridging worked through the Christmas break to complete a £981k bridge in 18-days to ensure an applicant cleared their existing debt and avoided costly penalties early in the new year.

Consisting of £932k to cover maturing finance and £49k to refurb existing properties, the broker contacted the lender just as many businesses were closing their doors to new enquires.

Utilising a £1.4m portfolio of terrace and semi-detached houses in the North London area as security, Aspen immediately contacted Capital Value Surveyors for valuation services who in turn also acted instantly to ensure all deadlines were met.

The bridge was completed on the lender’s Light Refurbishment product at a Flat Rate of 0.79% pm over 10 months. Exit will be through sale of a number of properties in the portfolio.

In line with Aspen’s one-person-per-case service delivery commitment, the application was handled from start-to-finish by Prabhat Talwar, Senior Underwriter. The lender’s legals were handled by John Smith, Director at Fieldfisher.

Ian Miller-Hawes, Head of Sales at Aspen, said: “The intermediary had been let down by a number of lenders who were slow to react with the Christmas break approaching.

“On approach we immediately gave assurances that we would do whatever it took to complete the deal quickly, subject to valuation, to get the right result for the client.

“This required out-of-hours work from ourselves and our friends at Capital Value Surveyors and Fieldfisher, and as always all other matters were put to one side to ensure a seamless, professional service and the right outcome for the client.”

Aspen Bridging’s Fixed rates start from 0.64% up to 70% LTV and 0.69% up to 75% LTV. Stepped rates start from 039%.

Applications are open up to its £10m maximum loan size with terms running from 10-18 months for UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.