CASE STUDIES

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HERTFORDSHIRE - £1.5m

75% DEVELOPMENT EXIT

Aspen has completed a £1.5m, 75% Development-Exit bridge on two semi-detached newbuild homes in Hertfordshire, giving the client extra time to secure market value sales.

As build control sign off and warranty were awaited, Aspen liaised directly with the build control and warranty providers to understand the project was progressing and ensure completion was not delayed.

The case was completed on the lender's Flat Rate Product across the 10-month terms, with no early repayment charge and no exit fees.

The application was handled from start-to-finish by Saif Khalique, Underwriter at Aspen Bridging.

John Smith, Senior Associate at Fieldfisher LLP and Ayesha Yunus, Senior Partner at Ola Leslie Solicitors represented Aspen and the client respectively, the latter being part of the lender's 'recommended solicitor guarantee' which will deliver all legal requirements in under 10 days.

FULHAM - £460k

First Time Buyer

The client was a first-time buyer requiring maximum leverage to purchase an off-plan, new-build flat in London and save their initial 10% deposit.

Aspen, completed on a rate of 0.59% pm for £460k at 74% LTV, on a seventh floor buy-to-let apartment in the Fulham Reach Development.

Andrew Thriepland at Capricorn Commercial who introduced the case said: "Leverage is vital for property investors, and in this particular case was essential for the applicant to secure the apartment, save their initial investment and begin their career as a property investor.

"As always Aspen, and in particular Senior Underwriter Prabhat Talwar who took the case from start-to-finish, immediately understood the aspiration and requirements and worked with all parties to ensure the funds were released as soon as possible."

MIDLANDS
£193K £ £128K

RAPID DESKTOP TWO 5-DAY DEALS

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.

HOLLAND PARK - £1m
FOREIGN NATIONAL

RAPID DESKTOP 4-DAY DEALS

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."

Hertfordshire - £450k

PASSIVHAUS BUILD

Aspen provided a 75% day 1 offering to repay the existing lender and get a strong capital raise to help progress the build significantly. Further funding at 100% of works costs has been agreed in tranches.

The case was introduced by Tom Rowland at Pure Property Finance and handled from start-to-finish by Aspen Bridging Underwriter, Prabhat Talwar. Legals were handled by Adam Hattersley of Fieldfisher LLP

Given the hard deadline of the previous lenders redemption, it was a true test of Aspen's speed. Our legal team, in particular Leigh Haigh, completed the transaction within 5 working days of issuing the offer.

The client completed on Aspen's stepped rate product at 0.59% per month over a 12-month term.

Staffordshire - £800k

LIGHT DEVELOPMENT 75%

Aspen provided a 75% day 1 offering to repay the existing lender and get a strong capital raise to help progress the build significantly. Further funding at 100% of works costs has been agreed in tranches.

The case was introduced by Tom Rowland at Pure Property Finance and handled from start-to-finish by Aspen Bridging Underwriter, Prabhat Talwar. Legals were handled by Adam Hattersley of Fieldfisher LLP

Given the hard deadline of the previous lenders redemption, it was a true test of Aspen's speed. Our legal team, in particular Leigh Haigh, completed the transaction within 5 working days of issuing the offer.

The client completed on Aspen's stepped rate product at 0.59% per month over a 12-month term.

SURREY - £1.75M

LIGHT REFURBISHMENT

The client needed £1.75m to fund light refurbishment works on this project and another development. Aspen overcame complex legals on the registration of the recent purchase to ensure the deadline was met.

Aspen provided 72% LTV on its First Charge Light Refurb product at a rate of 0.49% for the first five months of a 10-month term.

Aspen's Senior Underwriter Prabhat Talwar, who handled the case from start-to-finish, worked with the lender's lawyer, Leigh Haigh of Fieldfisher LLP who expedited the registration as a priority.

Romit Patel, Associate Director at LDN Finance, said: "I was really happy I recommended Aspen on the deal. When we have applications that require a certain level of attention and first class communication is absolutely critical, they deliver in all aspects for us and the client."

HANWELL - £1M

WORKS & SALES BRIDGE

The borrower is a UK developer and a returning client who needed Aspen's facility to repay the development lender, finish the last works to the property and provide sufficient time to complete a sale.

Aspen provided 75% LTV on its First Charge Light Refurb product over a 12-month term.

Aspen's Senior Underwriter Prabhat Talwar, who handled the case from start-to-finish, worked with the lender's lawyer, Leigh Haigh of Fieldfisher LLP.

Nottingham - £175k

CONVERSION TO HMO

Aspen provided a 70% LTV bridge and are funding works in arrears (up to 100% of build cost) to fund the purchase and student HMO conversion of this terraced property in Nottingham.

HMO's can be an excellent source of passive income and are becoming an extremely popular investment choice for all levels of investors and landlords.

The client secured our rate of 0.59%, and a term of 12 months and Saif Khalique, underwriter at Aspen, handled the case from start to finish.

If you or your clients have a similar deal or want to explore your refurbishment bridging options, send us an email
enquiries@aspenbridging.co.uk  or click the link to register for our online self-quoting portal.

Wales - £235k

CONVERSION TO HMO

Aspen provided a 68% LTGDV bridge and are funding works in arrears (up to 100% of build cost) to fund the conversion to HMO of this terraced property in Wales.

Two foreign developers purchased a pub in late 2019, with intentions to convert the asset into a large 20 bed HMO. Having successfully been granted Suis Generis planning, they now sought a low cost development facility.

The deal was introduced by Win Hashtroodi of Capricorn Commercial and underwritten by Jamaal Mckoy was quick to provide terms within the 15 min SLA, which resulted in the clients locking our flat rate product at 0.89% on a 14 month term.

Our funding will be drawn down in 4 stages with a facility of £235,000 to see the works through to the finish. A special thanks to Ayesha Yunus - Solicitor of Ola Leslie Solicitors, who completed the remote signing of the legal documents well past midnight to work around the clients timescales.

SOMERSET - £175k

AUCTION PURCHASE

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."

MANCHESTER - £815k

CAPITAL RAISE

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.

LATEST NEWS

ASPEN SOLVES TWO PROPERTY
PROBLEMS IN ONE £2.3M BRIDGE

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.

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