Aspen has completed a No Valuation £173k bridging loan in five working days.
The short-term loan allowed the applicant to raise funds for an onwards property purchase on a tight deadline.
Completed on the lender’s flat rate product at 0.79% pm over 12 months, the investor used an unencumbered, four-bedroom detached house in Edgware, North London as security. Exit will be through refinance.
Jack Coombs (pictured), director at Aspen, said: “Completion times in the bridging sector are continuing to rise with Bridging Trends reporting the average drawdown has increased to 53 days in quarter three, up from 47 days in quarter two.
“Whilst some borrowers need bridging for other reasons, specialist lenders need to be capable of being fast and flexible where needed which is why our service proposition still states we aim to complete the majority of cases in under 10 days.
“This is where our innovative approach to underwriting, legal work and valuations makes a difference.”
Aspen’s No Valuation bridge uses a remote internal valuation assessment which removes the need for physical inspection which in turn speeds up the process from start-to-finish.
Available at quote stage up to 70% LTV for residential and 65% for commercial applications, rates start from 0.39% Stepped and 0.74% Flat for loans of up to £3m net.
The No Valuation product is another new offering designed to reach completion within a maximum of 10 working days.