Aspen uses desktop valuation to avoid penalty charges
Aspen has used its desktop valuations approach to help a developer customer avoid paying penalty charges.
The lender confirmed the £1.45m offer on Christmas Eve, having only received the application on 22 December.
The applicant’s existing development finance facility was due to expire, and delays caused by COVID-19 meant the term refinance would not complete in time.
Due to the timing there was a lack of available surveyors to visit the property, so a desktop valuation was utilised on the three-flat conversion in Hackney to ensure the offer was delivered before Christmas.
The documents were signed on 5 January with funds released on 8 January, as a result the entire process was completed in seven working days.
The £1.45m development exit bridge was finalised at 75% loan-to-value (LTV) at 0.89% flat rate over eight months.
Prabhat Talwar, senior underwriter at Aspen handled the case, having been introduced by Kallem Brooks, associate director and head of commercial mortgages desk at Bond Finance
Talwar said: “When we presented the deal to Aspen in late December, we didn’t know how fast the lender could complete considering lockdown and the holiday period.
“Their desktop approach provided the perfect solution to our client’s urgent need to avoid costly penalty charges on their existing facility.
“Aspen communicated effectively and we put a strategy and timeline in place to complete within seven working days. With no delays in the process we have a very happy client.
“We wouldn’t have been able to complete in this timeframe with any other lender.”