Five day bridging loan saves developer’s deposit
A £851,875 rapid desktop bridging loan completed in just five working days through Aspen Bridging has saved a developer’s next property purchase which had a 10% non-refundable deposit.
Utilising their latest development as security, nine newly built residential two-bedroom flats in Merseyside with a value of £1,175,000, giving a LTV of 73%, a strict seven-day limit was placed on the deal and delivered well within the timeframe.
The loan amount was also used to refinance the existing development lender and exit will be achieved through sale of the properties.
The case was introduced through John McNamara at Focus Commercial, with the lender’s legals handled by John Smith at Fieldfisher LLP.
“Aspen fully understood the needs for the quick refinance to purchase the new site and set to work immediately, sending the terms out the same day, with ourselves fully packaging the application.
Aspen formally offered the same day and instructed the desktop valuation which was crucial in the timescales of the transaction, as well as progressing legals on the same day.
Underwriter Laura Randall, who handled the deal from start-to-finish, was very proactive in the communication with all parties helping ensure that the completion happened within five days.
The speed, and service and delivery of this loan application in the short timescales was fantastic.”