Aspen completes bridging loan in four days to save client from default charges

Aspen Bridging has completed a £422,000 four-day bridging loan for a property professional to exit an existing lender facility before incurring a 5% immediate default charge.

The 75% LTV agreement was secured on a multi-unit freehold block (MUFB) of four tenanted studio flats in Wembley, all with separate Assured Shorthold Tenancy (AST) agreements.

The business issued a fully-costed illustration within 15 minutes and a submitted post-search DIP in one hour, both on a Sunday.

Aspen then undertook a desktop valuation and visited the property in person to review on Monday, and provided the valuer with measurements and photos within 24 hours of the case being introduced.

That same day, Aspen issued a formal lending offer post-valuation. 

The case was introduced by Raj Dahli, director at Auction Funding, an AR of Connect Mortgages, and was handled from start to finish by Prabhat Talwar, senior underwriter at Aspen.

Leigh Haigh at Fieldfisher LLP handled legals for the lender.

The facility was arranged at 0.49% rate per month for the first five months of the 10-month loan term.

Prabhat said: “Bridging is all about speed, so when a broker and their client require an immediate solution to a financial matter, it is our duty to deliver the resolution, no matter how short the timeframe. 

“This is yet another example of our flexibility and willingness to get deals done.”

Raj added: “We work together well with Aspen, and when speed matters, their proactive underwriters stepped up to the task and took this case from application on a Sunday to valuation on a Monday and completion on Wednesday.”

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