Aspen overcomes high LTV and tight timescale to save £100k investment
Aspen Bridging has completed a 72.5% LTV semi-commercial bridging loan for £425,000 in ten days, in the process overcoming complex legal issues to ensure a portfolio landlord saved their latest investment.
The client had advanced £100k on the multi-use property on the Old Kent Road as an option to purchase in advance, however when another lender failed to complete on time a quick solution was required.
In-line with Aspen’s time-based service excellence targets the case was underwritten within three hours and a formal DIP issued, an Aspen underwriter was then onsite with the customers and valuer within 48 hours to review the planning and evidence all relevant permissions and licenses.
Aspen retyped the previous valuation to speed up the process using their 24 hour audit service which detailed a newly finished HMO built towards the rear and second floor of the building with licensing in process and a shop below with an ongoing tenancy renewal.
Due to structuring issues a director had to be removed from the purchase while the business interviewed multiple applicants, undertook AML checks and carried out the usual legal and valuation requirements.
Aspen finalised drawdown in 10 days with the funds used for the purchase balance at an initial interest rate of 0.55% on a six-month term.
Director Jack Coombs said: “This type of deal is our bread and butter. Because of the way our business is funded, the skillset of the team and our time-based service excellence targets we are able to overcome the issues to realise drawdowns quickly and professionally.”
The client added: “As a growing landlord we went to Aspen Bridging to help us achieve the next acquisition for our portfolio. We received an efficient and straightforward approach to lending, contact was quick and communications were clear