Jack Coombs

Aspen saves development site purchase with £1.16m loan

Aspen Bridging has completed a £1.16m development exit loan within 10 days, the first deal on its new 2021 rate card.

The client required the funding to assist with an urgent stage payment for the purchase of a new development site.

The loan was secured against three new-build detached homes in Kent at an average of £600,000 per dwelling.

To ensure the case was turned around as quickly as possible, Prabhat Talwar, senior underwriter at Aspen, visited the properties within two working days of the application landing and ensured a RICS Red Book valuation was returned within the next 48 hours.

Aspen confirmed the offer the same day of receiving the valuation.

The deal was finalised at 60% LTV with no personal guarantee on Aspen’s new 0.74% flat rate over six months.

Jack Coombs, director at Aspen said: “Since we increased our maximum loan amount at the start of the year and introduced our new rate card in early February, the number of applications and people visiting our new, innovative broker-focused website increased exponentially.

“This is why we have undertaken a recruitment drive to meet demand, and this case is an excellent example of our continued flexibility and speed to enable good borrowers to achieve their aims at attractive pricing and within a tight deadline.”

Aspen recently revamped its 2021 rate card offering by reducing its stepped and flat rates to 0.44% and 0.74% respectively.

The lender also launched a new rapid desktop valuation bridging product and a light development offering.

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