Ten-day Aspen bridge rescues purchase of four apartments
Aspen Bridging’s new head of sales, Ian Miler-Hawes has completed his first deal and in the process saved the applicants’ purchase of four apartments.
The broker approached Ian stating his clients, who were looking to expand their portfolio, had just been served notice and had only 10 days to complete the deal or the seller would relist the flats in Kensington which had a combined value of £1.2m.
The delay was due to a bottleneck caused by the Stamp Duty deadline, before it was extended, which meant the term product would not complete in time.
Ian instructed a full Red Book RICS Valuation and legals on day one to begin the process immediately.
Problems then arose when one of the three brothers decided to pull out of the deal, however the father then gifted the shortfall and Aspen moved swiftly to re-issue their offer and legal documents within hours of the change.
The lender then used its remote signing policy enabling the client to provide security documents direct to its solicitor to ensure the deal was completed within the vendor’s timeframe.
The £840k, 70% LTV facility was completed on a 12-month term at 0.84% per month.
Ian said: “Going through the checks and processes first-hand has really brought to life the advanced IT and the progressive infrastructure that is in place for Aspen’s team to bring bridging deals to completion in very prompt timescales.”
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.