Aspen Bridging

Aspen prevents £115,000 deposit from being lost on £1.15m new build

Aspen Bridging has prevented a £115,000 deposit on a £1.15m new-build flat in Nine Elms, south-west London, from being lost.

The specialist lender overcame international legalities, valuation issues and a tight timeframe to ensure that the Chinese foreign national’s deposit was saved.

The applicant planned to acquire the property via BTL term finance and had already paid the deposit, but the developer served notice and the application could not be completed in time.

The case was further complicated by a five-hour time difference, in addition to the payment deadline of just 10 working days.

Despite this, Aspen managed to provide a £675,000 gross loan at an initial interest rate of 0.47% on a six-month term, with exit by way of a move on to BTL term finance.

“The borrower was under pressure to complete so we worked quickly to get out formally underwritten terms within our three-hour, time-based service level agreement,” said Arthur Cole-Fontayn, senior underwriter at Aspen.

“I visited the property 48 hours later with the valuer and took receipt of the valuation a further 24 hours after the visit.

“Once on site I quickly became comfortable with the asset given it was one of the premier flats in the block.”

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