Aspen completes 10-day bridge to rescue Kensington purchase
Aspen Bridging has provided a bridge within 10 days to avoid the applicants’ purchase of four Kensington apartments, worth a combined £1.2m, to fall through.
The deal was completed by Aspen’s recently appointed head of sales Ian Miller-Hawes.
The broker approached Miller-Hawes stating that the clients, three brothers looking to expand their portfolio, had been served notice and had only 10 days to complete the deal or the seller would relist the flats.
The delay was due to a bottleneck caused by the stamp duty deadline, prior to its recent extension, which meant the term product would not complete in time.
Aspen instructed a full Red Book RICS Valuation and legals on day one to begin the process immediately.
Problems then arose when one of the three brothers decided to pull out of the deal; however, the father gifted the shortfall and Aspen moved to re-issue the offer and legal documents within hours of the change.
The lender then used its remote signing policy, enabling the client to provide security documents direct to its solicitor to ensure the deal was completed within the vendor’s timeframe.
The £840,000, 70% LTV facility was completed on a 12-month term at 0.84% per month.
Miller-Hawes said: “Going through the checks and processes first-hand has really brought to life the advanced IT and the progressive infrastructure that is in place for Aspen’s team to bring bridging deals to completion in very prompt timescales.”