Aspen Bridging no valuation bridging loan saves client deposit

By Bridging Loan Directory 3rd May 2022

Aspen Bridging has completed a 72% LTV, £1.1m no valuation bridging loan for a client who had just two weeks to complete a purchase and save their £150k deposit.

The developer required quick funds to acquire a large nine-bedroom detached house in Cheshire, with land, with the intention to refurbish and sell.

The 12-month bridge was completed on the lender’s stepped interest rate which starts at 0.39% per month.

Aspen’s no valuation bridging loan uses a remote internal valuation assessment which removes the need for physical inspection which in turn speeds up the process from start to finish.

Available at quote stage up to 70% LTV for residential and 65% for commercial applications, rates start from 0.39% stepped and 0.74% flat for loans of up to £3m net.

Ian Miller-Hawes, Head of Sales, Aspen Bridging, said:

“Our unique no valuation product has been designed for genuinely urgent transactions up to 70% LTV at initial quote and higher thereafter, as proven with this 72% LTV case.

The key differentiator between our lending criteria and others in the market is that this doesn’t come at a notable premium, our stepped rate is still 0.39% per month and our flat rates are 0.74%.”