Aspen completes £1.2m bridging loan for BVI company using desktop
Aspen Bridging

Aspen completes £1.2m bridging loan for BVI company using desktop valuation

Aspen Bridging has completed a £1.2m residential bridging loan for a British Virgin Islands (BVI) company which had started a debt restructuring programme just before the Covid-19 outbreak.

The borrower, an experienced businessman, required a quick turnaround to ensure the cashflow of his businesses was maintained during the uncertain period.

Credit manager, Harry Baker, took the application from start to finish, where a fully-costed quote was issued in the first 15 minutes, and a post-search DIP was submitted in an hour. 

Legals and valuations were said to be instructed within 30 minutes, and enquiries and undertaking received the same day.

Meetings with the client were conducted via Facetime and Aspen’s legal partners were able to progress matters quickly and work with a third-party legal team to provide the required legal opinion on the BVI company.

As a result, the loan — which was secured on a penthouse in the Pan Peninsula development in the City of London using Aspen’s desktop valuations system — was completed at a rate of 0.89% per month on a flat rate with no exit fees over 12 months.

“This case shows we are still able to deliver on our time-based service excellence targets remotely, regardless of market challenges or case complexity,” said Jack Coombs, director at Aspen Bridging.

“Our experienced team knew what to look for from day one to ensure it progressed in line with the client’s expectations and to ensure the best turnaround time without any last-minute problems.

“Our business has been built to ensure the highest levels of service, whether it’s a simple light refurb, complex legal structures, or foreign national applications, and that is why we have seen a record number of brokers registering for our instant quoting ‘broker view’ platform since the pandemic started.”

Aspen’s rate card has a maximum LTV of 75%, which can be realised through both physical and desktop valuations, with loans up to £3m net.

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