Aspen completes two deals in five days each for one customer
A customer has successfully completed two double-quick deals in just five days each with Aspen, smashing the lender’s own Time-Based Service Excellence Targets.
Both cases were auction purchases which had entered notice period deadlines and needed fast solutions to enable completion.
The company was initially approached in July to purchase and renovate a detached property in Birmingham. Aspen rapidly provided a £193k bridge at 73% LTV with a six month rate of 0.59% per month.
The same borrower then returned in August requiring a quick £128k bridge to secure a three-bedroom terraced property in Solihull which required renovation. The deal was also at 73% LTV with a six-month rate of 0.59% per month.
Continuing the practice of one underwriter per case, Prabhat Talwar, senior underwriter at Aspen took both applications from start-to-finish.
The lender surpassed its Time-Based Service Excellence Targets which aim to complete the majority of applications in 10 days.
In both instances a fully-costed quote was issued in the first 15 minutes and a submitted post-search DIP in one hour. Legals and valuations were instructed within 30 minutes with enquiries and undertaking received same day.
Aspen undertook desktop valuations and visited both properties in person to review and provide the valuer with measurements and photos within 24-hours of the cases being introduced, and on the same day issued formal lending offers.
Leigh Haigh at Fieldfisher LLP undertook Aspen’s legals.
Jack Coombs, director at Aspen said: “We are currently seeing a lot of repeat customers at the moment, particularly with our newly-enhanced service capabilities to turnaround cases quickly and offer reliability.”
Aspen Bridging’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 cover residential and light refurbishment, residential and medium refurbishment, HMOs, prime semi-commercial and prime commercial property.