Aspen provides £1m bridging loan for Hong Kong BTL investor

Aspen has completed a £1m bridging loan for a Hong Kong-based BTL investor in four working days.

The borrower had been served a notice to complete on a newly-refurbished three-bedroom maisonette in Holland Park, London, for which they had paid a £100,000 deposit.

As the high street bank the investor was working with stated they could not meet timescales, the borrower approached the lender on 3rd December with a hard deadline of 8th December.

On day one, a fully underwritten formal DIP was issued, legals instructed, and a desktop valuation was requested, paid, and returned by close of play.

The following day, the loan documentation was signed remotely in Hong Kong, and a courier was assigned to quickly bring the documents back to the UK. 

On day three, an Aspen underwriter visited the property, completed all forms with the customer, and undertook due diligence, while the legal requisition list had gone from 17 outstanding points to four.

On day four, the remaining points on the requisition list were satisfied, and the original signed loan documents arrived at Aspen's solicitor’s office. 

The lender released all funds in the morning of that day, and paid all brokerage fees in the afternoon.

The case was introduced by Winston Hashtroodi, relationship manager at Capricorn Financial, and handled by Saif Khalique, underwriter at Aspen Bridging.

The £1m facility was agreed at 69% LTV, on the lender’s flat rate product at 0.89% per month over a 10-month term.

Jack Coombs, director at Aspen Bridging, said: “This is a great demonstration of the professionalism of Capricorn and the rapid service Aspen offers that enables us to guarantee serious speed to borrowers.

“There is still plenty of time to complete deals before Christmas, and our 2020 rate promotion is available on all cases introduced and completed by December — our message is to contact us as soon as possible, so we can do what we do best.”

Winston added: “It goes without saying that what Aspen did and does is a result of our great partnership and mutual trust. 

“We are proud of working with Jack and the Aspen team, who make it possible for us to do what we do best, and that is helping our clients achieve their financial needs as quickly as they need to.”

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