Aspen Bridging

Aspen provides £540,000 loan at 80% LTV

Aspen Bridging has completed a £540,000 facility at 80% LTV in 10 days for a client looking to refinance a property development.

The lender was introduced by Finanta to the borrower, who was experienced in property development, both internationally and in the UK.

The borrower’s proposed security was a detached property outside Exeter (pictured above) and was looking to refinance one of his existing developments as he was coming to the end of term with his current lender.

Aspen was able to underwrite the case within three hours and provided both a tailor-made solution to suit the client’s needs and the maximum LTV possible to release additional funds for the refinance.

The lender dispatched a valuer and underwriter to review the security within 48 hours.

After receiving the valuation, Aspen was able to stick to the terms and provide the funds required for the refinance.

Throughout the case, Aspen and Finanta worked closely to ensure it kept moving and resolved any issues within minutes.

As a result, the case was completed within 10 days, meeting the client’s timetable and expectations.

The borrower said that this was his first transaction with Aspen and had been impressed by its professionalism and the speed at which it worked.

“After an initial telephone conversation with [Aspen director] Jack Coombs, he met with me days later,” said the borrower.

“A formal offer was made on acceptable terms, subject only to a formal valuation.

“The valuation report supported the LTV required, the funds were made available and the property transaction completed promptly and without fuss.

“I work with many funders and I can honestly say that from this initial experience it appears that Aspen [is] among the best to work with.”

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