Aspen solves two property problems in one £2.3m bridge
A rapid £2,327,250, 73% loan-to-value bridging loan from Aspen has saved a customer’s £125k auction purchase deposit and provided additional funding on a part-finished development.
Completed in just 15 days at 0.49% for six months on the lender’s stepped rate product, the deal brings together both a rapid auction purchase and finish-and-exit elements under one roof.
The auction purchase, a six-bedroom semi-detached in Wandsworth, was bought at the end of August with the monies required within a 15 day period.
The part-finished development project, a five-bedroom terraced property in the same area, was purchased in 2019 and still has £140k works outstanding. The deal also includes 100% works funding.
To ensure a full understanding of the deal and the loan requirements, Ed Ahrens, managing director of Aspen Bridging visited the experienced developer and was shown both properties.
Ed Ahrens said: “To meet an auction purchase deadline of 15 days and assess and agree a finish-and-exit deal simultaneously is a great showcase of our willingness to take on quality but complex cases at speed.”
The case was handled from start-to-finish by credit manager, Harry Baker. John Smith, senior associate at Fieldfisher LLP represented Aspen on the legals.
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’s flat and stepped rate products cover 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.