Aspen Bridging has completed a 72.5% LTV semi-commercial bridging loan on a London property for £425,000 in 10 days.
The client had advanced £100,000 on the multi-use property on the Old Kent Road (pictured) as an option to purchase in advance; however, the lender failed to complete on time.
Aspen then underwrote the deal within three hours and a formal DIP issued. An Aspen underwriter was then onsite with the customers and valuer within 48 hours to review the planning and evidence all relevant permissions and licenses.
The bridging lender then retyped the previous valuation to speed up the process. The audit process detailed a newly finished HMO built towards the rear and second floor of the building with licensing in process and a shop below with an ongoing tenancy renewal.
Due to structuring issues a director had to be removed from the purchase while the business interviewed multiple applicants, undertook AML checks and carried out the usual legal and valuation requirements.
Aspen finalised drawdown in 10 days with the funds used for the purchase balance at an initial interest rate of 0.55% on a six-month term.
Jack Coombs, director, said: “This type of deal is our bread and butter. Because of the way our business is funded, the skillset of the team and our time-based service excellence targets we are able to overcome the issues to realise drawdowns quickly and professionally.”
The client added: “As a growing landlord we went to Aspen Bridging to help us achieve the next acquisition for our portfolio. We received an efficient and straightforward approach to lending, contact was quick and communications were clear.”