Aspen provided a lightning-fast 65% LTV bridge over the Christmas period to assist an experienced property developer with the auction purchase of a vacant high street commercial property in Weston-Super-Mare.
The client opted for our popular stepped rate from 0.54% per month over 10 months.
Shoaib Patel at Fieldfisher LLP and our integrated legals client solicitor Ayesha Yunus - Solicitor and did amazing work on the legals to enable a swift completion.
The case was introduced and information provided by Adam Tyler and Saif Khalique, underwriter at Aspen, managed it through to completion.
Adam Tyler, director at Finance My Business Online, said: "It was great to experience Aspen at work, really impressed. It was the transaction time over the holiday period that stood out."
Aspen funded 3 large commercial premises, currently let out to Iceland, Sports direct and Poundland in Manchester on a desktop valuation.
The case, introduced by Tom O'Brien at Enness, required a quick completion to ensure the client's exchange on another development project materialised within the deadline.
We opted for a desktop valuation and although the case's legals, in particular its tenancies and leases presented issues, Aspen took a holistic view and offered pragmatic solutions.
Aspen's bridge was on our popular flat rate from 0.89% per month with no exit fees.
It is another great example of the 'Can do' attitude of the firm. A special thanks goes to our senior underwriter Prabhat Talwar for the tailored risk analysis & case management and Leigh Haigh for the swift work on the legals.
A rapid £2,327,250, 73% loan-to-value bridging loan from Aspen has saved a customer's £125k auction purchase deposit and provided additional funding on a part-finished development.
Completed in just 15 days at 0.49% for six months on the lender's stepped rate product, the deal brings together both a rapid auction purchase and finish-and-exit elements under one roof.
The auction purchase, a six-bedroom semi-detached in Wandsworth, was bought at the end of August with the monies required within a 15 day period.
The part-finished development project, a five-bedroom terraced property in the same area, was purchased in 2019 and still has £140k works outstanding. The deal also includes 100% works funding.READ MORE