Aspen Bridging and Finance 4 Business combine on high LTV commercial refurb bridging loan
Aspen Bridging has completed a rapid specialist commercial refurb bridging loan within 12 days for a client wanting to purchase a grade II listed hotel whilst supporting works via drawdowns.
Aspen were introduced via Finance 4 Business to the client who was without previous experience as a hotelier, and was looking to purchase a trading hotel from official receivers with a 12 day deadline.
The client was looking to purchase, then complete heavy works on the grade II listed building using drawdowns in order to refurbish the premises and exit onto a commercial occupier mortgage once the trading history was sufficient and refurb complete. Aspen initially provided £325k day one and were able to provide a further £225k to assist with the renovation on the property ensuring the client had the funds required to progress the build without delay and to the standard he wanted.
As the property was a listed grade II building Aspen applied their customer focused approach to understand the client, his development needs and business model in order to provide him with a competitive rate, and the speed and efficiency the client required in order to complete in time.
Speed was key on this case as there were other interested parties looking to purchase this property. Wayne Hicklin Underwriter and Loan Managers at Aspen Bridging went to the property and had a meeting with the client, valuer and local planning office to iron out any potential delays so that they could complete the case within the 12 days.
Wayne Hicklin the case underwriter commented:
“The client and team at F4B were a pleasure to deal with, and its gratifying to see our processes working well in order to complete cases quickly with no disruption or delay”
Russell Martin, Founder and MD of Finance 4 Business commented:
“Our relationship with Aspen Bridging is flourishing. From assisting Aspen in evolving and developing their products pre-launch, to the current time has been a great journey. This is yet another example of a broker/lender relationship working in unison to deliver a great customer outcome. Aspen have maintained their fantastic service levels throughout their growth which bodes well for the future”.
The client commented:
“Aspen Bridging provided the short term secured finance for my purchase of The Hind Hotel from administrators. From the first contact they were sympathetic to the unique requirements of the transaction and responded in a timely manner to all my queries. The due diligence process was seamless, using professional advisory teams, and the funds drawdown was timely. All in all, an excellent service and I would use Aspen again in the future.”