Aspen Bridging

Aspen completes desktop valuation bridging loan in ten days

Aspen Bridging has completed a £225,000 residential bridging loan in 10 days using its desktop valuation system.

The loan — finalised at a 0.84% per month flat rate over 10 months — was secured by an experienced property developer on a penthouse in Birmingham city centre to consolidate debts and raise funds for another ongoing development.

A fully-costed quote was issued in the first 15 minutes and the lender submitted a post-search DIP in one hour. 

Legals and valuations were instructed within 30 minutes, with enquiries and undertaking received on same day.

Aspen worked with its legal partner, FieldFisher, which was able to progress matters quickly with full remote capacity and same day pay-out facilities.

Jack Coombs, director at Aspen Bridging, said: “This was a great case to get completed based on our pioneering lending criteria in reaction to Covid-19. 

“Our underwriters, legal partners and valuers worked seamlessly, and this case shows we are still able to deliver on what we promise.

“Our immediate, proactive approach to the coronavirus, which saw us embrace desktop valuations, pre-pandemic property values and remote witnessing, has allowed us to continue to support the specialist lending community, which has led to a record number of applications.”

The lender announced last week that it would lend on pre Covid-19 property values to create “market-leading leverage for every single application”

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