Ian Miller-Hawes

Aspen provides £840,000 bridging loan for purchase of Kensington apartments

Aspen Bridging has completed a £840,000 bridging loan in 10 working days to save a client’s purchase of four apartments in Kensington, London.

This is the first deal Ian Miller-Hawes has completed since joining the lender as head of sales.

The broker approached Ian stating that his clients, who were looking to expand their portfolio, had just been served notice and had only 10 days to complete the deal or the seller would relist the flats, which had a combined value of £1.2m.

The delay was due to a bottleneck caused by the stamp duty deadline before it was extended, which meant the term product would not complete in time.

Ian instructed a full Red Book RICS valuation and legals on day one to begin the process immediately, but was met with another challenge, as one of the three brothers who applied for the loan backed out of the deal.

Once this issue was solved, thanks to the father who gifted the shortfall, Aspen moved to re-issue its offer and legal documents within hours of the change.

The lender then used its remote signing policy, enabling the client to provide security documents direct to its solicitor, and ensure the deal was completed within the vendor’s timeframe.

The £840,000, 70% LTV facility was completed on a 12-month term at 0.84% per month.

Ian said: “Going through the checks and processes first hand has really brought to life the advanced IT and progressive infrastructure that is in place for Aspen’s team to bring bridging deals to completion in very prompt timescales.”

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

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

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