Aspen Bridging has completed a £500k facility with a Chinese-based property investor, scheduling a 4,800 mile flight and overcoming language barriers to complete in just 10 days.
The 75% LTV six-month term deal, with a front end rate 0.47% for the first three months, was secured on a four-bedroom duplex flat in a regeneration area in North London, one of a portfolio of properties in the capital owned by the client.
Aspen was approached as the applicant’s term finance wouldn’t meet the completion deadlines set by the developer, and the lender worked closely with the broker to evidence exit by way of a buy-to-let mortgage.
In line with the company’s time-based service excellence targets the case was underwritten in three hours, a valuer visited the property with an Aspen representative in 72 hours with the report was turned around within 48 hours.
Impressively the lender completed its enhanced customer due diligence in Mandarin to negate any language barrier, and the client used a solicitor that flew to China to provide advice and witness documents and then courier them back in order to meet the completion deadline.
Jack Coombs, director at Aspen Bridging said: “Most bridging applications throw in an anomaly or two which can really test a lender’s service excellence targets and again the team has proven, through sheer professionalism and original thinking, that these can be overcome to deliver for the client.”
Aspen Bridging’s new Finish & Exit bridge is available up to 80% LTV from day one with rates starting at 0.49% per calendar month. The term can run from eight to 12 months up to the lender’s maximum loan sizes of £4m net for portfolios and £2m net on single properties.
The product is available on wind and watertight developments, allowing drawdowns on revisit or building control sign-off, and will progress with no building surveyor required where works are sufficiently advanced as its underwriters will be present at valuation stage.
The Finish & Exit bridge is available throughout England and Wales with no restrictions on scheme type or works percentages and is offered to both corporate and individual borrowers.