Aspen overcomes legal issues to assist £1.75m capital raise
A client requiring a £1.75m capital release for a development in Battersea, having recently paid cash for a detached residential asset in Surrey, has been assisted by Aspen Bridging.
The timing of the recent purchase caused issues at the legal stage, as the title deeds were outdated the charge could not be registered.
Aspen’s senior underwriter Prabhat Talwar, who handled the case from start-to-finish, worked with the lender’s lawyer, Leigh Haigh of Fieldfisher LLP and a request to expedite the charge registration was put in place as a priority.
The titles were updated in double-quick time and the case was completed in-line with the client’s deadline.
Aspen provided 72% LTV on its First Charge Light Refurb product at a rate of 0.49% for the first five months of a 10-month term.
The case was introduced by Romit Patel, associate director at LDN Finance, who said: “I was really happy I recommended Aspen on the deal. When we have applications that require a certain level of attention and first class communication is absolutely critical, they deliver in all aspects for us and the client.”
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 is currently running a special Christmas rate reduction, offering 0.54% on all deals introduced from 24 November and completed by 24 December.