Jack Coombs

Aspen introduces desktop valuations to lend during Covid-19 crisis

Aspen Bridging has introduced desktop valuations to continue lending during the Covid-19 crisis.

The company has confirmed it is accepting applications of up to £1m net at a maximum 62.5% LTV for residential and light refurb projects which are also residential.

Flat rates start at 0.89% with terms running from 12-4 months, with stepped rates starting at an initial 0.59% up to a maximum of 12 months.

Aspen states it would continue to supply a fully-costed quote in the first 15 minutes and would move from a submitted DIP to a post-search DIP in a maximum of three hours.

Each application will be individually handled by an underwriter from start to finish, and meetings will be done via Facetime.

The lender’s legal partners will operate with full remote capacity and pay-out functions.

Jack Coombs, director at Aspen Bridging (pictured above), said the measures would ensure the company would continue to lend, despite the current market lockdown.

“We have an extremely strong funding position through our parent company, and this enables us to be more flexible in our offering,” he added.

“A level of continuation is crucial for the bridging market, our broker partners and their customers, and we are doing our utmost to deliver certainty in uncertain times.”

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