Aspen Bridging completes semi commercial bridging loan in seven days
Aspen Bridging’s rapid desktop product has been used to lend on a semi-commercial property to allow a professional landlord to complete the acquisition of several residential properties across the UK, thanks to a seven-day turnaround.
The corporate borrower required a gross loan of £290k against an unencumbered commercial asset in Derby in order to show proof of funds for the onward purchases, some of which were in danger of falling through due to the seller’s timescales.
The loan security building is currently awaiting planning permission to convert the whole block into residential apartments, during which time the applicant wished to continue expanding their portfolio.
The deal was completed at 66% LTV on a 12-month term on a flat rate of 0.89% per month, with the case handled from start-to-finish by underwriter, Laura Randall.
Rapid desktop is a unique product that enables genuinely urgent transactions to be completed in as little as two working days and are guaranteed within 10 working days. It offers up to 65% LTV at initial quote stage which can potentially increase thereafter.
To meet the timescale the quote includes integrated legals contact and fees, a specialist borrower solicitor service integrated with the lender’s own legal firm to maximise speed whilst offering independent advice. Borrowers can still opt to use their own representation if desired.
Formal DIP terms are sent out within two hours of receiving the application, and the lender will instruct both the desktop valuation from VAS Group and legals within 30 minutes of acceptance of offer.
To save further time Aspen also use their remote signing policy.
Jack Coombs, Director at Aspen Bridging, said:
“This case encompasses everything that makes Rapid Desktop so unique, from the speed of the transaction from start-to-finish to the use of the loan, which in this instance allowed the property professional to continue to expand their portfolio.
We believe it is key to provide problem-solving products that give brokers options that meet their clients’ needs, as some cases require speedy offers, desktop valuations definitely have a place in our offering.”