Aspen Bridging

Aspen saves £325,000 deposit for international borrower with £1.9m bridging loan

A Chinese property professional has saved their £325,000 deposit on a new-build penthouse in central London after securing a £1.9m bridging loan from Aspen Bridging.

The borrower had experienced delays with their term finance application—which they had started during the Covid-19 outbreak—which meant they were in danger of losing the deposit they placed in 2018.

A quick drawdown was needed in order to secure the property, so the businessperson approached Winston Hastroodi at Capricorn, an appointed representative of Commercial Finance Brokers UK, who introduced the case to Aspen, knowing the lender had a track record in completing deals for overseas clients.

Harry Baker, credit manager at Aspen, picked up the case and took the application from start-to-finish.

A fully-costed illustration was issued within 15 minutes, in addition to a submitted post-search DIP in one hour. 

Legals and valuations were instructed the next day following authorisation from the broker, with undertaking received the same day.

Meetings were done via Facetime the following day to update the client on how best to ensure swift completion.

The deal completed in 12 days, provided at a flat rate of 0.89% per month on a 12-month term with no early redemption charges or exit fees, and was secured on the luxury property near Albert Embankment.

“We are fast becoming the go-to bridging lender of choice for overseas borrowers having built up extensive expertise in foreign borrower transactions,” said Harry.

“Covid-19 is still causing disruption to normal practices, and this swift purchase would not be possible in the timescale without our agreed remote signing and witnessing agreements for international clients.”

Aspen’s rate card has a maximum LTV of 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 its processes during Covid-19, with full remote capacity and same day pay-out facilities.

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