Aspen completes £425,000 semi-commercial bridging loan
Sam Monk | 16:20 Monday 4th November 2019 | 1
Aspen Bridging has overcome complex legal issues to complete a £425,000 semi-commercial bridging loan for a portfolio landlord.
The specialist lender completed the loan at 72.5% LTV in 10 days, which enabled the landlord to save their latest investment.
An initial £100,000 was advanced by the client on a multi-use property in south London and Aspen — which saw the case underwritten within three hours — was able to provide a solution when another lender failed to complete on time.
Aspen issued a formal DIP, retyped the previous valuation and finalised the drawdown with the funds used for the purchase balance at an initial interest rate of 0.55% on a six-month term.
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"This type of deal is our bread and butter," said Jack Coombs, director at Aspen Bridging (pictured above).
"Because of the way our business is funded, the skill set 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."