Aspen lends £620k on complex mixed commercial property using desktop valuation
Aspen Bridging has taken the pragmatic approach of using a desktop valuation to lend against a prime six storey commercial property in Moorgate comprising of both offices undergoing substantial works and a ground floor restaurant.
The decision to value it remotely, despite the complexity of the asset, was taken to limit costs and help the applicant enable a quick completion to avoid costly penalty charges.
The client was coming to the end of their existing debt finance agreement which spanned several properties and needed to obtain a shortfall, so used the Moorgate building to facilitate a total £5m refinance.
The case was introduced by Callum Taylor, director at Watts Commercial, who knew the commercial term finance in progress wouldn’t meet the required timescales and, being aware of the Rapid Desktop product, approached Aspen for the bridge.
Following their Rapid Desktop process the lender instructed both the desktop valuation with VAS Group and legals within hours of being approached.
To save further time Aspen also used their Remote Signing Policy and the Fieldfisher London office drop-off to enable the client to sign and provide security documents easily and swiftly.
The £620k deal was completed at on a Flat Rate of 0.89% with no exit fees on an 18-month term.
Jack Coombs, director at Aspen Bridging, said: “This deal was enabled by our confidence in our professional partners and our asset team, who visited the property themselves. Aspen completed as required for the client with minimum hassle and thus avoiding substantial valuation costs.”
Callum Taylor added: “Aspen’s practical approach on valuations and their commercially minded legal team at Fieldfisher were stand out here. Looking forward to the next case together.”
Aspen recently revamped its 2021 ratecard offering with its stepped rate cut to 0.44% and its flat rate reduced to 0.74%. They are immediately available across all products up to a maximum loan size of £5m net and 75% LTV across 6-18 months.
The Rapid Desktop Valuation bridging product was introduced so cases can be completed in as little as two working days, and a new Light Development product is available up to 75% LTV with 100% cost of works in arrears.