Aspen completes complex £2.8m portfolio bridging loan for foreign national

By Bridging Loan Directory 6th February 2025

Aspen Bridging has completed a complex £2,815,000 residential purchase loan for a foreign applicant who put forward four security properties to rapidly secure funds to buy a five-bedroom detached house in Woking, Surrey.

With the vendor threatening to pull the sale and a 75% LTV, the applicant offered his unencumbered buy-to-let property portfolio comprising apartments across London and East Sussex.

The deal was done with the lender’s no valuation product with RICS assessments on all properties performed in-house. Completion was further expedited through its remote DocuSign processes.

The deal was completed on Aspen’s Stepped Rate starting at 0.55% over 10 months. Exit will be achieved through refinance onto a buy-to-let mortgage.

In line with Aspen’s one-person-per-case customer service philosophy the deal was taken from start to finish by Head of Underwriting, Saif Khalique.

Saif said:

“This case had several challenges with a short timeframe and a number of different assets across London and the South-East.

With the borrower concerned about the cost of four separate valuations we made a joint decision to couple the residential bridging loan with our in-house no valuation product which ultimately saved the borrower time and money.”