Aspen Bridging beats the odds to secure high stakes auction purchase
Aspen Bridging overcame major access issues to complete an auction purchase bridging loan in just 25 days, the resident betting shop proving no competition to the lender’s customer commitment.
The terraced property in Wembley, which has a Coral on the ground floor and two, two-bedroom flats on the first, required several layers of security clearance due to the large amounts of money on the premises.
Taking the case from start to finish, Laura Randall, Underwriter at Aspen immediately started access negotiations with Coral requiring several proofs of ID for her and the valuer as well as evidence of the auction purchase commitment.
Having gained access on day five, the £602k gross, 70% LTV bridge application ran smoothly and was completed three days before the deadline.
The case was completed on the lender’s popular stepped interest rate at 0.54% per month over 12 months. Exit will be realised through refinancing.
Ian Miller-Hawes, Head of Sales for Aspen said:
“There are certain types of commercial property that lenders will not touch, such as betting shops, because the amount of work required to take the case for completion is substantial.
This isn’t an issue for us, we’ll ensure the customer wins every time.”