Fast bridging loan saves client’s deposit
An Aspen Bridging integrated legal partner, Ola Leslie Solicitors stepped in at the eleventh hour to ensure a client completed their bridging loan in 10 days to save their £32k deposit.
The developer, who had secured a three-bedroom terraced house in South East London for full refurbishment, had chosen to use his own legal representation but as time ran out on the notice to complete they contacted the lender and asked for assistance.
The business recommended Ayesha Yunus at Ola Leslie Solicitors who completed all legal requirements immediately in conjunction with Aspen’s representative, Leigh Haigh at FieldFisher LLP .
At the outset of the application Saif Khalique, Senior Underwriter at Aspen had utilised the business’s new rapid desktop valuation bridging loan given the immediate requirement to realise funds.
The £232,700, 73% LTV facility was completed on a 10-month term on a stepped rate starting at 0.54% per month.
Khalique said: “When speed is of the essence it is essential for a client to have legal representation that understands bridging finance, otherwise in nine cases out of ten there will be unnecessary delays.
With our new rapid desktop valuation product we include integrated legals contact and fees, a specialist borrower solicitor service integrated with our own legal firm to maximise speed whilst offering independent advice.
Of course borrowers can still opt to use their own representation if desired.”