Aspen saves £325,000 deposit with £1.9m bridge for Chinese international borrower
A Chinese property professional has saved their £325,000 deposit on a newbuild London penthouse after delays in their term finance application, thanks to a 12-day £1.9m bridging loan from Aspen.
The loan, which was completed at a flat rate of 0.89%pm with no fees over 12 months, was secured on the luxury property near Albert Embankment.
The businessperson started their term finance application during the Covid-19 outbreak, however this caused delays which meant they were in danger of losing the deposit they placed in 2018, so a quick drawdown was a critical in securing the property.
The client approached Winston Hastroodi of Capricorn – appointed representative of Commercial Finance Brokers UK – who introduced the case to Aspen knowing the lender had a track record in rapidly and reliably completing deals for overseas clients.
Harry Baker, credit manager at Aspen Bridging, picked up the case and took the application from start-to-finish.
The business issued a fully-costed illustration within 15 minutes and a submitted post-search DIP in one hour. Legals and valuations were instructed the next day following authorisation from the broker, undertaking was then received same day.
Meetings where then undertaken by Facetime the following day to update the client on how best to ensure swift completion.
Harry Baker said: “We are fast becoming the go-to bridging lender of choice for overseas borrowers having built up extensive expertise in foreign borrower transactions.
“Covid-19 is still causing disruption to normal practices, and this swift purchase would not be possible in the timescale without our agreed remote signing and witnessing agreements for international clients.”
Aspen’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 include residential and light refurbishment, residential and medium refurbishment, HMOs, prime semi-commercial and prime commercial property.
The equity-funded lender further streamlined their processes during Covid-19, with full remote capacity and same day pay-out facilities.