Aspen Bridging completes £590k bridging loan in three days

IOW property Aspen Bridging

Aspen Bridging, have completed an incredibly fast bridging loan taking only three days to complete from the very first conversation about the case.

The challenge:

  • Funds needed in 3 days – it was a hard purchase deadline as it was under notice to complete and there was another bidder ready to go.
  • Complex trust structure with the ultimate beneficiary in New Zealand.
  • Property location was remote – Isle of Wight.

 

Timeline to completion:

Monday 19th

  • 15.03 – The case was illustrated by the broker on Aspen’s portal ‘Broker View’ after speaking to an Aspen underwriter directly.
  • 17.23 – Initial info submitted online and Aspen Bridging underwriter assigned.
  • 23:40 – Fully underwritten Formal DIP issued with full searches and legal issues resolved and valuation and legals instructed by the Aspen underwriter.

 

Tuesday 20th

  • 10:43 – Trust structure info received.
  • 15:49 – Costs undertaking is confirmed and the requisitions list is sent out by Aspen’s lawyers and by the underwriter to the customer directly.
  • 16:58 – Aspen Bridging arranges for an underwriter to visit the property to complete all forms with the customer and undertake due diligence.

 

Wednesday 21st

  • 09:50 – Aspen helps borrower to alter the trust structure with minimal effort.
  • 11:25 – Aspen underwriter meets the borrower on the Isle of Wight.
  • 13:58 – Aspen receives the valuation report and sends for review.
  • 20:34 – Aspen underwriter skypes the New Zealand ultimate beneficiary.

 

Thursday 22nd

  • 09:28 – Aspen Bridging valuation review external and internal is completed.
  • 10:33 – Aspen helps the client ensure documents are with the lawyers rapidly.
  • 13:44 – Aspen puts the lawyers in funds to enable them to complete faster.
  • 14:48 – Signed facility letter received after Aspen and broker arranged for it’s receipt at a special office nearby and funds were released to the client.
  • All brokerage fees were paid out in full that day.

 

Ed Ahrens, MD, Aspen Bridging commented:

“The client and broker were a pleasure to deal with, and it’s gratifying to see our processes working well in order to complete cases quickly with no disruption or delay”

The client said:

“Obviously I’m delighted to complete, and impressed with how incredibly quickly Aspen agreed and provided funds.  However, my real amazement is for Aspen Bridging.

Quite genuinely, I can’t think when I have ever dealt with people who have been so pragmatic, knowledgeable about their work, passionate about their work, but most of all forward thinking to spot potential problems and then work around them to a successful conclusion. Communication throughout has been excellent & coordinated.

Aspen’s approach to all of the obstacles that cropped up was flexible and pragmatic. It’s been a pleasure dealing with such a professional team.”

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