The Aspen Bridging team elaborates on how they were able to complete a rapid bridge for a client looking to refinance a bridge as well as pay down another one on a separate property in their portfolio.
Initial Loan to Value (LTV): 75%
Gross Loan Amount: £319,000
Property Value: £425,000
Term: 6 months
One of their valued introducers Enness Bridging, introduced a client who met their lending criteria. The deal was discussed thoroughly, to understand how Aspen Bridging could help the borrower get the loan best suited to their needs.
The client was looking to repay a first charge on one of her properties as well as get the maximum left over cash to help pay off part of an existing bridge on another property early.
The client highlighted several challenges standing in the way of completion;
- 1-week time frame, due to existing loan term coming to an end.
- Re-bridging an existing bridge
- Max possible LTV
- Maximising utility of funds
- Potential access problems
Aspen immediately underwrote the case and identified the client could obtain extra funds when accepting a maximum LTV possible. This was all done within the 3 hour Aspen underwriting process.
Aspen also booked in a valuation, and were at the property within 24 hours. This allowed the valuation to take place within the tight time frame. At the valuation it was identified that the access issue was in fact not a significant one, due to public right of way existing on the road owned by a local farmer.
In addition to refinancing an existing bridge, and providing extra funds on top of that. Aspen successfully completed a valuation, borrower interview, and dismissed any potential legal issues within 24 hours.
Aspen also initiated legal requisitions concurrently, this allowed them to have a comprehensive valuation and legal paperwork completed half a week from initial illustration. This allowed the client to avoid default interest on their prior bridge as well as helping them pay down their other debt.
Callum at Enness said:
“I chose Aspen for this case knowing they would deliver on the tight timescales the client was working with. They were efficient and effective at every turn. They were on site with a valuer within 24hrs of instruction, and always on hand to update myself and the client on the case. They provided my client with peace of mind in an otherwise stressful time.
I would highly recommend Aspen to anyone thinking of doing business with them. Their standard service is a level above what I have come to expect from lenders I have worked with.”
Arthur Cole-Fontayn, Aspen Bridging said:
“It is very satisfying to see the customer centric service we provide work so well for a client in such a short period of time; a successful bridge for all involved.”
Synopsis & Feedback:
The talent at Enness Bridging, chose Aspen as the optimum lender for this case due to their speed, customer focused approach, expertise, efficiency & experience which ensured that the transaction completed within the timeframes and parameters set by the customer;
- Fully underwritten DIP within 3 hours
- Legals and valuers instructed on the same day
- Met client and valuer on site the next morning
- Refinanced existing bridging arrangement, and helped the customer pay down other bridging debt
- Overcame any potential legal issues
- Completed within 1 week