Aspen has completed a £1.2m residential bridging loan for a British Virgin Islands (BVI) company which commenced a debt restructuring programme just prior to the coronavirus outbreak.
The loan, which was completed at a rate of 0.89%pm flat rate with no exit fees over 12 months, was secured on a penthouse in the prestigious Pan Peninsula development in the City of London using the lender’s desktop valuations system.
The client, an experienced foreign businessman, required a quick turnaround to ensure the cashflow of his businesses was maintained during the uncertain period.
Continuing the practice of one underwriter per case, credit manager Harry Baker took the application from start-to-finish.
The lender met all Time-Based Service Excellence Targets with a fully-costed quote issued in the first 15 minutes and a submitted post-search DIP in one hour.
Legals and valuations were instructed within 30 minutes with enquiries and undertaking received same day.
Meetings with the client were undertaken by Facetime and Aspen’s legal partners were able to progress matters quickly, seamlessly working with a third-party legal team to provide the required legal opinion on the BVI Company.
Jack Coombs, director at Aspen Bridging said: “This case shows we are still able to deliver on our Time-Based Service Excellence Targets remotely, regardless of market challenges or case complexity.
“Our experienced team knew what to look for from day one to ensure it progressed in-line with the client’s expectations and to ensure the best turnaround time without any last-minute problems.
“Our business has been built to ensure the highest levels of service whether it’s a simple light refurb, complex legal structures or foreign national applications, and that is why we have seen a record number of brokers registering for our instant quoting ‘Broker View’ platform since the pandemic started.”
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.