Aspen solves legal complexities with £1.3m bridge
Aspen has overcome several complex legal issues to complete a £1.3m bridge against a heavy refurbishment project in Knightsbridge.
The 75% loan-to-value (LTV) deal on a two-bedroom apartment with roof terrace was completed at on a stepped rate of 0.49% on a 10-month term, with 100% funding of works in arrears for a repeat client introduced by James Lennon, director of Tapton Capital.
The applicant had created a special purpose vehicle (SPV) to complete the buyout of his business partner’s share of another company, and the lender then utilised a third-party charge and debentures to take security and refinance the existing loan.
Issues arose when the client changed solicitors at a late stage, but this was handled by Shoaib Patel at Fieldfisher, who acted for Aspen on the deal.
When the delivery service couriering the documents misdirected them, the lender also stepped in to request the redelivery documents be expedited, in time to save the client considerable cost on the refinance.
The case was handled by Prabhat Talwar, senior underwriter.
Aspen recently revamped its 2021 ratecard offering, with its stepped rate cut to 0.44% and its flat rate reduced to 0.74%.
The rapid desktop valuation bridging product was introduced so cases can be completed in as little as two working days, and a new light development product is available up to 75% LTV with 100% cost of works in arrears.
Jack Coombs, director at Aspen, said: “Getting to grips with a complex deal is part of our offering and here we quickly grasped how the case was being structured and, with confidence in our fantastic legal partners, we helped this repeat client fund the next stage in their project.”