Aspen completes 73% LTV auction finance bridge in five days
Aspen Bridging took just five days to move a £193,450, 73% loan-to-value auction purchase application from illustration to completion, ensuring the first-time commercial investors saved their £26,500 deposit.
The property, a three bedroom detached house in Hall Green, Birmingham was secured at £265,000 with the brothers, making their initial foray into property investment, planning light refurbishment and sale.
The case was completed on the lender’s stepped rate product at 0.59% per month for the first five months of the 10 month term. In total 100% of the works has been funded in arrears.
The case weas handled from start-to-finish by senior underwriter, Prabhat Talwar. Following Time-Based Service Excellence Targets the process went:
10:00 – Case introduced for illustrative terms
11:30 – Case submitted
13:11 – Formal DIP issued
14:01 – Valuation & legals instructed
10:00 – Legal undertaking received
15:00 – Valuation report received
12.00 – legal docs signed and originals sent
11:00 – Funds released
13:00 – Confirmation e-mail received
The borrowers said: “The Aspen team were excellent, they were fast, efficient and delivered within time. Would highly recommend.”
Jack Coombs, director at Aspen Bridging, added: “To move from illustration to completion in just five days in today’s market is nothing short of remarkable. Using our desktop valuation system, remote signing processes and witnessing agreements we can progress applications at tremendous speed.”
Aspen’s rate card has a maximum LTV to 75%, which can be realised through both physical and desktop valuations, and a top loan amount of £3m net.
The lender’s flat and stepped rate products include residential and light refurbishment, residential and medium refurbishment, HMOs, prime semi-commercial and prime commercial property.
The equity-funded lender further streamlined their processes during Covid-19, with full remote capacity and same day pay-out facilities.