Aspen concludes record 2022 with £2.5m ten day bridging loan

By Bridging Loan Directory 9th January 2023

Aspen Bridging concluded its busiest calendar year-to-date with a £2,572,500 gross residential refinance bridging loan which it completed in 10 working days.

Completed at 74% LTV, the experienced developer had recently completed a Balham, South London-based mixed-use property consisting of one shop on the ground floor and five apartments of one-and-two bedrooms, and wished to repay his existing lender to have additional time to sell the units.

With a hard deadline in place due to sales in progress, the lender used its remote signing procedures and obtained a retype of the client’s previous valuation to save time and money.

The case, which was taken from start to finish by Laura Randall, Underwriter, was completed on a ten month flat interest rate at 0.81% per month.

Jack Coombs, Director at Aspen Bridging, said:

“This case exemplifies everything that makes us such a successful lender, with speed, technology and problem solving all ensuring a successful outcome for the client.

At the start of the year our target was to increase our bridging loan book by 50% and this has been achieved, in 2023 the plans and pipeline are already in place to ensure we continue to grow exponentially.”