An overseas property professional saved their deposit on a new-build London apartment after Aspen Bridging turned around a £255k ‘No Valuation’ loan in five days.
The Turkish client was in the process of purchasing the one-bedroom flat in North Acton, when delays in the buy-to-let mortgage application suddenly resulted in the applicant being issued with a notice-to-complete.
The introducer, Knight Frank Finance contacted Aspen who proposed their specially-developed urgent transaction bridge and proceeded to instruct legals on day one. To ensure the deadline was met the lender then used their bespoke remote signing and witnessing agreements for international clients.
The deal was taken from start-to-finish by Underwriter, Wasif Khan and completed at 60% LTV on the lender’s Flat Rate at 0.89% over 12 months. Exit will be through refinance onto a buy-to-let mortgage.
George Jones, associate at Knight Frank Finance, said: “It was superb work by Wasif and Aspen’s BDM, Mike [Allen] to get this deal over-the-line from start-to-finish in five working days.
“The case was complex due to a combination of the client residing in a high-risk jurisdiction and the asset and income type, however the lender’s common-sense based commercial approach along with their speed and technology allowed for the deliverance of a great outcome for the client.”