Five day Aspen Bridging loan meets onward purchase deadline
Aspen has completed a No Valuation £173k bridging loan in just five working days, allowing the applicant to raise funds for an onwards property purchase on a tight deadline.
Completed on the lender’s Flat Rate product at 0.79% pm over 12 months, the investor used an unencumbered, four-bedroom detached house in Edgware, North London as security. Exit will be through refinance.
Jack Coombs, director at Aspen, said: “Completion times in the bridging sector are continuing to rise with Bridging Trends reporting the average drawdown has increased to 53 days in quarter three, up from 47 days in quarter two.
“Whilst some borrowers need bridging for other reasons, specialist lenders need to be capable of being fast and flexible where needed which is why our service proposition still states we aim to complete the majority of cases in under 10 days.
“This is where our innovative approach to underwriting, legal work and valuations makes a difference.”
Aspen’s No Valuation bridge uses a remote internal valuation assessment which removes the need for physical inspection which in turn speeds up the process from start-to-finish.
Available at quote stage up to 70% LTV for residential and 65% for commercial applications, rates start from 0.39% Stepped and 0.74% Flat for loans of up to £3m net.
The No Valuation product is another new offering designed to reach completion within a maximum of 10 working days.
“Come 2022 we are launching another new product as we aim to continue to innovate and better meet the requirements of UK and overseas borrowers,” added Coombs.
Aspen Bridging’s Fixed rates start from 0.64% up to 70% LTV and 0.69% up to 75% LTV. Stepped rates start from 039%.
Applications are open up to its £10m maximum loan size with terms running from 10-18 months for UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.
