Aspen assists with £1.75m capital release
Aspen Bridging has assisted a client requiring a £1.75m capital release for a development in Battersea.
The client had recently paid cash for a detached residential asset in Surrey, the timing of which caused issues at the legal stage, as the title deeds were outdated the charge could not be registered.
Aspen’s senior underwriter Prabhat Talwar, who handled the case from start to finish, worked with the lender’s lawyer, Leigh Haigh of Fieldfisher, and a request to expedite the charge registration was put in place as a priority.
The titles were updated and the case was completed in-line with the client’s deadline.
Aspen provided 72% loan-to-value (LTV) on its First Charge Light Refurb product at a rate of 0.49% for the first five months of a 10-month term.
The case was introduced by Romit Patel, associate director at LDN Finance, who 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.”
Aspen Bridging’s rate card has a maximum LTV of 75%, which can be realised through both physical and desktop valuations, and a top loan amount of £3m net.
The lender is currently running a Christmas rate reduction, offering 0.54% on all deals introduced from 24 November and completed by 24 December.