Aspen deploys five-day bridge to save developer’s deposit
Aspen has completed a Rapid Desktop bridge for £851,875 in five working days, in order to save a developer’s next property purchase, which had a 10% non-refundable deposit.
The deal used the client’s latest development as security, nine newly built residential two-bedroom flats in Merseyside with a value of £1,175,000, giving a loan-to-value (LTV) of 73%.
A strict seven-day limit had been placed on the deal.
The loan amount was also used to refinance the existing development lender, with exit to be achieved through sale of the properties.
The case was introduced through John McNamara at Focus Commercial, with the lender’s legals handled by John Smith at Fieldfisher LLP.
The Rapid Desktop bridge was completed on Aspen’s preceding ratecard, starting on the Stepped Rate of 0.54% over a 10-month term.
Aspen’s new ratecard, launched in July, has seen the lender cut rates across the majority of its product portfolio by 0.1%, while doubling its maximum loan size to £10m.
McNamara said: “Aspen fully understood the needs for the quick refinance to purchase the new site and set to work immediately, sending the terms out the same day, with ourselves fully packaging the application.
“Aspen formally offered the same day and instructed the desktop valuation which was crucial in the timescales of the transaction, as well as progressing legals on the same day.
“Underwriter Laura Randall, who handled the deal from start-to-finish, was very proactive in the communication with all parties helping ensure that the completion happened within five days.
“The speed, and service and delivery of this loan application in the short timescales was fantastic.”