Aspen Bridging have recently completed on a £1.1 million bridging loan for a client looking to refinance an investment property.
Loan to Value (LTV): 77.5%
Gross facility Amount: £1,115,872
Loan Term: 6 months
Alex Vickery from Y3S Bridging & Commercial introduced a client to Aspen Bridging who had a prime large semi-detached property in south west London – used as a BTL. The client had been looking to sell for a while but due to problematic tenants had not been able to arrange viewings with agents. As such, he was looking to refinance a 1st and 2nd charge mortgage as they were coming to end of term.
The client needed to raise capital while the property was on the market so Aspen’s underwriter Arthur Cole-Fontayn worked with the client and the client’s lawyers to complete the case within 14 working days.
This provided the borrower with breathing room to sell the property on his own terms at market value, whilst raising capital for his business.
When talking the case over with Aspen Bridging, Y3S highlighted several issues with the deal;
1. Poor credit due to BTL mortgage issues.
2. Need to get the max possible LTV for capital raise and refinance.
3. Fast turnaround time to avoid repossession.
4. Viable sale period needed to achieve a competitive price.
Aspen Bridging immediately underwrote the case and identified that 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 within 72 hours. This allowed the valuation to take place within the tight time frame.
Aspen Bridging 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 14 working days and begin the sale process on her own terms as well as raise capital for her business very quickly.
Alex Vickery, Y3S Bridging & Commercial, said:
“My brokers client was in a very difficult position that required flexible and speedy service and Aspen Bridging Delivered. Multiple lenders were considered before speaking to Aspen but none of them offered what Aspen did but more importantly they delivered.”