Aspen has completed two auction purchase deals in five days each for one applicant. Both cases had entered notice period deadlines and needed fast solutions to enable completion.
The first was in July to purchase and renovate a detached property in Birmingham. Aspen rapidly provided a £193k bridge at 73% LTV with a six month rate of 0.59% per month.
The borrower returned in August for a £128k bridge to secure a three-bedroom terraced in Solihull which required renovation. The deal was also at 73% LTV with a six-month rate of 0.59% per month.
Prabhat Talwar, Senior Underwriter at Aspen took both applications from start-to-finish.
In both instances a fully-costed quote Aspen undertook desktop valuations and visited both properties in person to review and provide the valuer with measurements and photos within 24-hours of the cases being introduced, and on the same day issued formal lending offers via solicitors.
Aspen has completed a £1m bridge in four working days for an experienced Hong Kong based buy-to-let investor and saved a £100k deposit.
The lender was approached on December 3rd with a hard deadline of December 8th as the notice to complete had already been served on a newly refurbished three-bedroom maisonette in Holland Park.
Day one a fully underwritten formal DIP was issued, legals issued and a desktop valuation instructed and returned by close of play.
Day two documentation was signed remotely in Hong Kong and a courier assigned to quickly bring the documents back to the UK.
The £1m, 69% LTV agreement was completed on the lender's flat rate product at 0.89% per month over a 10-month term and was handled from start-to-finish by Aspen Bridging Underwriter, Saif Khalique.
Winston Hashtroodi at Capricorn Commercial said: "What you see here is as good as lending can ever get in United Kingdom. Aspen make it possible for us to do what we do best, and that is helping our clients achieve their financial needs as quickly as they need to."
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