Fast funding

Aspen completes two fast bridging deals for auction purchases

Aspen Bridging has completed two bridging loans for the same client in just five days each.

Both cases were auction purchases which had entered notice period deadlines and needed fast solutions to enable completion.

The first bridging loan — a £193,000 facility completed in July — was used to purchase and renovate a detached property in Birmingham.

The second loan — a £128,000 bridging loan completed in August — was used to secure a three-bedroom terraced property in Solihull which required renovation.

Both deals were agreed at 73% LTV with a six-month rate of 0.59% per month.

Prabhat Talwar, senior underwriter at Aspen. took both applications from start to finish, continuing the practice of one underwriter per case.

In both instances, a fully costed quote was issued in the first 15 minutes and a submitted post-search DIP in one hour. 

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

Aspen undertook desktop valuations and visited both properties in person to review and provide the valuer with measurements and photos within 24 hours of the cases being introduced and, on the same day, issued formal lending offers.

Leigh Haigh at Fieldfisher LLP undertook Aspen’s legals.

Jack Coombs, director at Aspen, said: “We are currently seeing a lot of repeat customers at the moment, particularly with our newly enhanced service capabilities to turnaround cases quickly and offer reliability.”

The equity-funded lender further streamlined its processes during Covid-19, with full remote capacity and same day payout facilities.

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