Aspen completes first ‘No Valuation’ bridge at lowest ever rate
Aspen Bridging has completed its first No Valuation product deal on its lowest ever rate of 0.39% in just 10 working days.
The client required an immediate response to secure a detached five-bedroom property in the desirable Moseley suburb of Birmingham to add to their buy-to-let portfolio, and through broker Russell Hussan of Rangewell the lender recommended the new bridge.
The product works with Aspen undertaking a remote internal valuation assessment based on their own internal technology which removes the need for physical inspection which in turn speeds up the process from start-to-finish.
The £209.500, 70% LTV bridge was completed at 0.39% over 10 months. The client will exit by refinancing onto a buy-to-let loan following refurbishment.
Available up to 70% LTV for applications between £400k and £1.5m net and with rates from 0.39% Stepped and 0.74% Fixed, the No Valuation product is another new offering designed to reach completion within a maximum of 10 working days.
The case was handled from start-to-finish by Aqib Iqbal, underwriter and risk assessor for Aspen Bridging.
Ian Miller-Hawes, head of sales, said: “In the most popular locations time is of the essence when an investment opportunity comes to market, and this is where the No Valuation product really helps.
“The borrower had to move fast here due to competing offers and both broker and borrower appreciated our one person per case approach to ensure the deadline was met.”
In addition, throughout September, Aspen is running its ‘Lend a Hand’ offer which gives a 0.05% reduction on all Fixed Rate deals up to 70% LTV for prime residential purchase and refinance applications received in September.
The move, which is timed to help offset the reintroduction of Stamp Duty, sees the rate stand at 0.64%.
Along with its 75% LTV offering, applications are open up to its £10m maximum loan size with terms running from 10-18 months.
Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.