aspen bridging

Aspen saves client over £500,000 in equity on prime London property

Aspen Bridging has managed to save a client over £500,000 in equity on a prime London property after providing a £1.4m bridging loan.

The loan — which was completed at 78% LTV — was used to purchase a terraced house as part of a five-year final divorce case.

Aspen previously completed a deal with the same client in 2018 and through this loan, the specialist lender helped the client avoid the potential loss of the property with over £500,000 in equity therein.

The lender understood the applicant’s requirements, following a successful case to purchase the terraced house as part of the final settlement.

Aspen was able to provide an illustration within 15 minutes after a conversation with a broker, and was able to accept an existing valuation, which had expired, using a desktop update after audit.

During this process, the lender became aware that the property contained two leases for flats which were to be assigned to the client on completion of the loan.

The borrower was also looking to purchase the freehold from the council to dissolve the leases simultaneously and on confirmation of acceptance from the client, legals were instructed and the valuation reassignment was also requested.

Ed Ahrens, managing director at Aspen, said: “Bridging is a solutions driven industry, but sometimes this goes past the basic and into complex cases where in depth legal knowledge is required.

“All our staff are trained to offer this level of expertise, and we have fantastic support from Fieldfisher, which allows us to assist the client and streamline the process.”

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