Aspen Bridging funds developer exit bridge at 80% LTV in 10 days
The Aspen Bridging team elaborates on how they were able to complete a rapid & High LTV bridge for a client looking to refinance a completed development.
Loan to Value (LTV): 80%
Gross facility Amount: £664,000.00
Loan Term: 6 months
Our valued introducer Malcom Scanlon from Niche Financial Solutions connected us to a Borrower who had a prime large semi-detached property in Weymouth. The client had been looking to raise the maximum funds for a new development as well as refinancing an existing bridge on the property.
The borrower had recently converted the security from a large detached house into two semi-detached houses and a maisonette to the rear.
Due to the tight time constraints involved, the underwriters at Aspen liaised with the buildings control inspectorate to take a view on the conversion, as full signoff had not been granted yet.
When talking the case over with us, the broker highlighted several issues with the deal;
1. Need to get the max possible LTV for capital raise and refinance.
2. Fast turnaround time to avoid default.
3. Viable sale period needed to achieve a competitive price.
We immediately underwrote the case within our fixed SLA’s of 3 hours and also instructed legals and a valuation on the same day. This allowed the valuation to take place within the tight time frame.
We also successfully turned around a valuation visit, borrower interview, combined with an action plan to move the project forward within 3 days. We also initiated legal requisitions concurrently, this allowed us to have a comprehensive valuation and legal paperwork completed days from initial illustration. This allowed the client to refinance the property within 10 working days and begin the sale process on their own terms as well as raise capital for their new development very quickly.
Malcom Scanlon, director, Niche FS said:
“Having recently completed our first deal with Aspen, we will definitely be back. The service levels provided were excellent, Aspen ensured all the clients expectations on timescales were met without any difficulties. First class service all round”.
Synopsis & Feedback
Malcom Scanlon chose Aspen as the best lender for this case due to our speed, customer focused approach, expertise, efficiency & experience which ensured that the transaction completed within the timeframes and parameters set by the customer;
1. Fully underwritten DIP within 3 hours
2. Legals and valuers instructed on the same day
3. Met client and valuer on site within 72 hrs
4. Overcame any potential legal issues
5. Completed within 10 working days