BridgingNews

Aspen complete deal for Shanghai-based client

Aspen Bridging have completed a £675,000 loan for a Chinese national on a new build flat in Nine Elms (pictured).

The client, based in Shanghai, had already paid the deposit on the property and originally planned to acquire the property on buy-to-let term finance but the developer served notice and the application could not be completed in time.

Following a customer interview and pre-funds release call done by Aspen underwriters in Manderin, the broker instructed the applicant to use a global law firm with offices in Shanghai and London such that loan documentation could be translated properly and conditions of the loan explained.

A £675,000 gross loan was agreed at an initial interest rate of 0.47% on a six-month term.

Arthur Cole-Fontayn, senior underwriter at Aspen, said: “It was our first deal with this broker so we were keen to set the service excellence benchmark.

“The borrower was under pressure to complete so we worked quickly to get out formally underwritten terms within our three hour time-based service level agreement.

“I visited the property 48 hours later with the valuer and took receipt of the valuation of a further 24 hours after the visit.

“Once on site I quickly became comfortable with the asset given it was one of the premier flats in the block, superior views and internal spec which compared well to others on the market and in the locality.

“We moved fast to meet the deadline and got the case completed on time.”

Exit will be by way of a move onto buy-to-let term finance, with the lender providing underwritten terms with approval to enter legal work once the property reached practical completion.

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