Aspen completes four-day bridge to prevent default
Aspen Bridging has completed a bridge within four days in order to save a client from default charges.
The bridge enabled a property professional to exit an existing lender facility before incurring a 5% immediate default charge.
According to the short-term lender, the £422,000, 75% loan-to-value (LTV) deal was secured on a multi-unit freehold block (MUFB) of four tenanted studio flats in Wembley, all with separate assured shorthold tenancy agreements.
The loan was finalised at Aspen Bridging’s stepped rate product at 0.49% per month for the first five months of the 10-month loan term.
Prabhat Talwar, senior underwriter at Aspen Bridging, said: “Bridging is all about speed, so when a broker and their client require an immediate solution to a financial matter it is our duty to deliver the resolution, no matter how short the timeframe. This is yet another example of our flexibility and willingness to get deals done.”
Raj Dahli, director at Auction Funding, added: “We work together well with Aspen Bridging and when speed matters their proactive underwriters stepped up to the task and took this case from application on a Sunday to valuation on a Monday and completion on Wednesday.”