Aspen provides £3.4m bridge on five new builds
Aspen Bridging has completed a £3.4m 73% LTV bridge on five new build flats in Central London to save a client losing over £1m in deposits.
The deposits secured the apartments in 2017 only for the contracts to expire with another lender.
Winston Hashtroodi, a broker at Capricorn Financial, introduced the case to Aspen.
An illustration was provided in 15 minutes and a formal DIP issued in three hours, including confirmation of figures via the existing Savills valuation.
Hashtroodi said: “Aspen pulled it out of the bag once again.
“The underwriters and case managers worked with me, my client and the solicitors to complete on five flats and save my client in excess of £1m.”
Within 15 minutes of authorisation, legals were instructed with Shoaib Patel at Fieldfisher and a retype of the valuation was requested, with the lender’s reassignment process removing the need for a further report.
A senior Aspen underwriter was on-site the next day to meet the client, visit the security and understand the client’s requirements and business model.
Finance was offered at an initial interest rate of 0.59% for an eight-month term, with the applicant planning to refinance.
As the original local searches undertaken had expired, Aspen accepted indemnity insurance to speed up the timeline to completion.
Jack Coombs, director at Aspen, immediately called the developers to assure them completion was on track and remind them of their obligations to the borrower.
The borrower added: “I’ve just finished doing a deal with Aspen Bridging.
“I was very pleased with the whole process from the beginning till the end.
“The team is very professional, friendly, and they were working hard to make things happen on time.
“The customer care is absolutely amazing.
“From a commercial point of view it is also very completive in terms of the rate in the market.
“I definitely will come back again and again.”