Aspen Bridging saves client over £500k
Aspen Bridging has saved a client over £500,000 in equity on a prime London property having completed a £1.4m, 78% LTV bridge at the conclusion of a complex five year divorce case.
Having completed a previous deal with the same client in 2018, Aspen understood the applicant’s requirements following a successful case to purchase the terraced house as part of the final settlement.
Aspen was able to provide an illustration within 15 minutes after a conversation with the broker, having also confirmed with the firm’s lawyers that the legal position was acceptable.
To help meet the time-frame applied by the court Aspen was also able to accept an existing valuation, which had expired, using a desktop update after audit.
It was during this process it came to light that the property currently contained two leases for flats which were to be assigned to the client on completion of the loan, and that the applicant was looking to purchase the freehold from the council to dissolve the leases simultaneously.
On confirmation of acceptance from the client, legals were instructed within 15 minutes and the valuation reassignment was also requested.
Ed Ahrens, managing director at Aspen Bridging, met the client to understand the situation and the visit the security.
During the meeting he explained the legal framework to ensure the applicant understood how to fulfil the complex requirements quickly.
The client was able to visit her solicitors in order to sign the paperwork the following week, awaiting court approval for the reassignment of the leases into her name.
Aspen was then able to provide the funding for the resolution of the existing mortgages on the back of TR1’s signed and agreed by a judge and provide funding for the purchase of the freehold title to maximise the client’s equity position.
Ahrens said: “Bridging is a solutions driven industry, but sometimes this goes past the basic and into complex cases where in-depth legal knowledge is required.
“All our staff are trained to offer this level of expertise, and we have fantastic support from Fieldfisher, which allows us to assist the client and streamline the process.
“This is one of many skills which our underwriters possess that separates us from the competition.”