No valuation bridging loan saves client’s deposit

By Bridging Loan Directory 15th August 2022

Aspen Bridging went above and beyond to save a customer’s auction purchase deposit thanks to a 175-mile in-person round trip to collect legal documents to meet the 10-day deadline.

Head of sales, Ian Miller-Hawes drove from his home in Petersfield to the client’s solicitors in Hornchurch and back on the day of completion to ensure the £480k, 70% LTV deal could be finalised in time to save the applicant’s £202k deposit.

The process was streamlined from the outset thanks to Aspen’s no valuation bridge loan, which uses a remote internal valuation assessment to remove the need for physical inspection to speed up the process from start to finish.

The deal on the four-bedroom detached house in Hornchurch, Essex was completed on the lender’s flat interest rate at 0.84% over a 12-month term. Exit will be through the refurbishment and sale of the property.

Jake Manns-Benson, associate, SPF Short Term Finance, said:

“We found dealing with Aspen and the underwriting team to be a refreshingly straightforward process.

The lender worked with us to meet our client’s requirements, both in providing the level of funds needed and also comfort with the options to exit.

We were delighted to meet our client’s expectations; nothing was too much trouble for Aspen and we would happily consider working with them again.”