Aspen Bridging has completed its first ‘No Valuation’ product deal on its lowest ever rate of 0.39% in 10 working days.
The client required an immediate response to secure a detached five-bedroom property in the desirable Moseley suburb of Birmingham to add to their buy-to-let portfolio, and through broker Russell Hussan of Rangewell the lender recommended the new bridge.
The product works with Aspen undertaking a remote internal valuation assessment based on its own internal technology which removes the need for physical inspection which in turn speeds up the process.
The £209.500, 70% LTV bridge was completed at 0.39% over 10 months. The client will exit by refinancing onto a buy-to-let loan following refurbishment.
Available up to 70% LTV for applications between £400k and £1.5m net and with rates from 0.39% Stepped and 0.74% Fixed, the No Valuation product is another new offering designed to reach completion within a maximum of 10 working days.
The case was handled from start-to-finish by Aqib Iqbal, underwriter and risk assessor for Aspen Bridging.
Ian Miller-Hawes, Aspen’s head of sales, said: “In the most popular locations time is of the essence when an investment opportunity comes to market, and this is where the No Valuation product really helps.
“The borrower had to move fast here due to competing offers and both broker and borrower appreciated our one person per case approach to ensure the deadline was met.”