Aspen completes 73% LTV auction finance bridge in five days
Aspen Bridging has completed a £193,450, 73% loan-to-value (LTV) auction purchase application, from illustration to completion, within just five days.
This ensured that the first-time commercial investors saved their £26,500 deposit.
The property, a three bedroom detached house in Hall Green, Birmingham, was secured at £265,000, with the developers planning light refurbishment and sale.
The case was completed on the lender’s stepped rate product at 0.59% per month for the first five months of the 10 month term; 100% of the works has been funded in arrears.
The case was handled from start-to-finish by senior underwriter Prabhat Talwar
The borrowers said: “The Aspen team were excellent, they were fast, efficient and delivered within time.
“Would highly recommend.”
Jack Coombs, director at Aspen Bridging, said: “To move from illustration to completion in just five days in today’s market is nothing short of remarkable.
“Using our desktop valuation system, remote signing processes and witnessing agreements we can progress applications at tremendous speed.”