Aspen four-day bridge saves client from default charges
A rapid four-day bridge from Aspen has enabled a property professional to exit an existing lender facility before incurring a 5% immediate default charge.
The £422k, 75% LTV agreement was secured on a Multi-Unit Freehold Block (MUFB) of four tenanted studio flats in Wembley, all with separate Assured Shorthold Tenancy (AST) agreements.
The case was introduced by Raj Dahli, director at Auction Funding, an AR of Connect Mortgages, who knew of Aspen’s appetite and ability to offer quick and reliable drawdowns.
Surpassing the lender’s Time-Based Service Excellence Targets the case was handled from start-to-finish by senior underwriter, Prabhat Talwar.
The business issued a fully-costed illustration within 15 minutes and a submitted post-search DIP in one hour, both on a Sunday.
Aspen then undertook a desktop valuation and visited the property in person to review on Monday and provided the valuer with measurements and photos within 24 hours of the case being introduced.
That same day Aspen issued a formal lending offer post-valuation. Leigh Haigh at Fieldfisher LLP ensured immediate legal resolution for the lender.
The bridge was concluded on Aspen’s stepped rate product at 0.49% per month for the first five months of the 10-month loan term.
Talwar said: “Bridging is all about speed, so when a broker and their client require an immediate solution to a financial matter it is our duty to deliver the resolution, no matter how short the timeframe. This is yet another example of our flexibility and willingness to get deals done.”
Dhali added: “We work together well with Aspen and when speed matters their proactive underwriters stepped up to the task and took this case from application on a Sunday to valuation on a Monday and completion on Wednesday.”
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 Sstepped rate products cover residential and light refurbishment, residential and medium refurbishment, HMOs, prime semi-commercial and prime commercial property.
The equity-funded lender offers full remote capacity and same day pay-out facilities.