The Aspen Bridging team elaborates on how they were able to complete a 7 day rapid bridge for a client looking to refinance an investment property.
Loan to Value (LTV): 75%
Gross facility Amount: £693,750
Loan Term: 10 months
One of their valued introducers ECS connected Aspen Bridging with an experienced professional landlord and international entrepreneur. The client needed a bridge on a BTL property due to a difficult tenant falling behind on rent which led to the client defaulting on the mortgage.
Aspen stepped in to fund the refinance while the client put the property on the market as the client was also looking to raise capital for their business.
When talking the case over with Aspen, the ECS highlighted several issues with the deal;
- Poor credit due to BTL mortgage issues.
- Need to get the max possible LTV for capital raise and refinance.
- Fast turnaround time to avoid repossession.
- Viable sale period needed to achieve a competitive price.
Aspen Bridging immediately underwrote the case and identified the client could obtain the funds required for the refinance and capital raise via the maximum LTV possible. They also booked in a valuation, and were at the property with the valuer the following day. This allowed the valuation to take place within the tight time frame.
Aspen also successfully turned around a valuation visit, borrower interview, combined with an action plan to move the project forward within 48 hours. They also initiated legal requisitions concurrently, this allowed them to have a comprehensive valuation and legal paperwork completed days from initial illustration. This allowed the client to refinance the property within 7 working days and begin the sale process on her own terms as well as raise capital for her business very quickly.
Ian Battersby, MD, ECS, said:
“Aspen and Arthur were impressive from the start, they delivered what was promised and completed without any issues. All in all Aspen are a lot faster and more can-do than any other lenders I have dealt with.”
Arthur Cole-Fontayn, Assistant Loans Manager, Aspen Bridging, said:
“It is gratifying to see our combination of property visits and high tech processes work well to the benefit of our speed sensitive clients.”