Aspen Bridging has revealed that it overcame major access issues to complete an auction purchase bridge in 25 days.
The terraced property in Wembley, which has a Coral on the ground floor and two, two-bedroom flats on the first, required several layers of security clearance due to the large amounts of money on the premises.
Taking the case from start-to-finish, Laura Randall, underwriter at Aspen immediately started access negotiations with Coral requiring several proofs of ID for her and the valuer as well as evidence of the auction purchase commitment.
Having gained access on day five, the £602k gross, 70% LTV bridge application ran smoothly and was completed three days before the deadline.
The case was completed on the lender’s Stepped Rate at 0.54% per month over 12 months. Exit will be realised through refinancing.
Ian Miller-Hawes, head of sales for Aspen Bridging, said: “There are certain types of commercial property that lenders will not touch, such as betting shops, because the amount of work required to take the case for completion is substantial. This isn’t an issue for us, we’ll ensure the customer wins every time.”
