Aspen saves development site purchase with first 2021 ratecard deal
Aspen Bridging has completed its first deal on its new 2021 ratecard, and in the process helped a developer complete an imminent stage payment on a second site before it fell through.
Taking just 10 days from application to completion, the client required a £1.16m Development Exit facility secured against three newbuild detached homes in Kent, at an average of £600k per dwelling, to assist with an urgent stage payment for the purchase of another new development site.
To ensure the case was turned around as quickly as possible Senior Underwriter, Prabhat Talwar visited the properties within two working days of the application landing and ensured a RICS Red Book valuation was the returned within the next 48 hours. Aspen then confirmed the offer that same day.
The deal was finalised at 60% LTV with no PG at Aspen’s new 0.74% flat rate over six months.
Jack Coombs, director at Aspen said: “Since we increased our maximum loan amount at the start of the year and introduced our new ratecard early February, the number of applications and people visiting our new innovative broker-focused website increased exponentially.
“This is why we have undertaken a recruitment drive to meet demand, and this case is an excellent example of our continued flexibility and speed to enable good borrowers to achieve their aims at attractive pricing and within a tight deadline.”
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 lender also recently launched a Rapid Desktop Valuation bridging product whereby cases can be completed in as little as two working days, and a new Light Development product which is available up to 75% LTV with 100% cost of works in arrears.
Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.