BridgingNews

Aspen Bridging completes £500,000 deal in 10 days

Aspen Bridging has completed a £500,000 facility for flats in North London in 10 days.

The facility was for a Chinese-based property investor and a solicitor was used who flew to China to provide advice and witness documents which were couriered back in order to meet the completion deadline.

Jack Coombs, director at Aspen Bridging said: “Most bridging applications throw in an anomaly or two which can really test a lender’s service excellence targets and again the team has proven, through sheer professionalism and original thinking, that these can be overcome to deliver for the client.”

The 75% loan-to-value six-month term deal has a front-end rate 0.47% for the first three months.

It was secured on a four-bedroom duplex flat in a regeneration area in North London (pictured), one of a portfolio of properties in the capital owned by the client.

The applicant’s term finance wouldn’t meet the completion deadlines set by the developer, and the lender worked closely with the broker to evidence exit by way of a buy-to-let mortgage.

A valuer visited the property with an Aspen representative in 72 hours and the report was turned around within 48 hours.

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