Aspen Bridging completes £1.3m complex heavy refurbishment bridging loan

By Bridging Loan Directory 26th April 2021

Aspen Bridging made light work of a trio of complex legal issues to complete a £1.3m bridging loan against a heavy refurbishment project in Knightsbridge.

The 75% LTV deal on the two-bedroom apartment with roof terrace was completed at on a stepped rate of 0.49% on a 10-month term with 100% funding of works in arrears for a repeat client introduced by James Lennon, Director of Tapton Capital.

The applicant had created a special purpose vehicle (SPV) to complete the buyout of his business partner’s share of another company, the lender then utilised a third-party charge and debentures to take security and refinance the existing loan.

Further issues arose when the client changed solicitors at the eleventh hour, a situation that was handled quickly and professionally by Shoaib Patel at Fieldfisher who acted for Aspen Bridging on the deal.

Moreover when the delivery service couriering the documents misdirected them, the lender stepped in to request the redelivery documents be expedited in time to save the client considerable cost on the refinance.

In-line with Aspen’s promise of clear and transparent customer service, the case was handled from start-to-finish by Prabhat Talwar, Senior Underwriter.

Jack Coombs, Director at Aspen Bridging said:

“Getting to grips with a complex deal is part of our offering and here we quickly grasped how the case was being structured and, with confidence in our fantastic legal partners, we helped this repeat client fund the next stage in their project.”