Aspen Bridging completes £255k bridging loan for overseas buyer

By Bridging Loan Directory 24th June 2024

An overseas property professional managed to save their deposit on a newbuild apartment in London after Aspen Bridging turned around a £255k no-valuation bridging loan in just five days.

The Turkish client was in the process of purchasing the one-bedroom flat in North Acton, when delays in the buy-to-let mortgage application suddenly resulted in the applicant being issued with a notice-to-complete.

The introducer, Knight Frank Finance contacted Aspen who proposed their specially-developed urgent transaction bridge and proceeded to instruct legals on day one.

To ensure the deadline was met the lender then used their bespoke remote signing and witnessing agreements for international clients.

In line with Aspen’s one-person-per-case customer service philosophy, the deal was taken from start to finish by underwriter, Wasif Khan and completed at 60% LTV on the lender’s flat interest rate at 0.89% over 12 months.

The exit will be through refinance onto a buy-to-let mortgage.

George Jones, Associate at Knight Frank Finance, said:

“It was superb work by Wasif and Aspen’s BDM, Mike [Allen] to get this deal over the line from start to finish in five working days.

The case was complex due to a combination of the client residing in a high-risk jurisdiction and the asset and income type, however, the lender’s common-sense based commercial approach along with their speed and technology allowed for the deliverance of a great outcome for the client.”