Aspen completes 10 day bridge
Aspen Bridging has completed a £225k residential bridging loan in just 10 days, using its desktop valuations system to circumnavigate the current surveying shutdown prompted by Covid-19.
The loan, which was finalised at a 0.84%pm flat rate over 10 months, was secured by an experienced property developer on a penthouse in Birmingham city centre to consolidate debts and raise funds for another ongoing development.
Continuing the practice of one underwriter per case, Harry Baker, credit manager at Aspen took the application from start-to-finish.
The lender met all Time-Based Service Excellence targets with a fully-costed quote issued in the first 15 minutes and a submitted post-search DIP in one hour. Legals and valuations were instructed within 30 minutes with enquiries and undertaking received same day.
All meetings were undertaken by Facetime and Aspen’s legal partner, FieldFisher was able to progress matters quickly with full remote capacity and same day pay-out facilities.
Jack Coombs, director at Aspen Bridging said: “This was a great case to get completed based on our pioneering lending criteria in reaction to COVID-19.
“Our underwriters, legal partners and valuers worked seamlessly and this case shows we are still able to deliver on what we promise.
“Our immediate, proactive approach to the coronavirus, which saw us embrace desktop valuations, pre-pandemic property values and remote witnessing, has allowed us to continue to support the specialist lending community which has led to a record number of applications.”
Last week, Aspen Bridging stated it will lend on pre-COVID-19 property values. Under the offering, all valuation bases are to be provided on the special assumption of normal market conditions as were prevailing as of March 1, 2020 without the coronavirus and any associated economic impact.
The lender is currently accepting applications up to £1m net at a maximum 62.5% LTV for residential and residential refurb projects.