Aspen Bridging

Aspen saves client's £32,000 deposit with bridging loan

Aspen Bridging has completed a £232,700 loan within 10 days following the help of one of its integrated legal partners, Ola Leslie Solicitors.

The borrower, a property developer who had secured a three-bedroom terraced house in south-east London for full refurbishment, had initially chosen to use his own legal representation.

However, as time was running out on the notice to complete, they contacted the lender and asked for assistance, or risked losing their £32,000 deposit.

The lender recommended Ayesha Yunus, senior partner at Ola Leslie Solicitors, who completed all legal requirements immediately in conjunction with Aspen’s representative, Leigh Haigh, real estate finance executive at FieldFisher LLP.

At the outset of the application, Saif Khalique, senior underwriter at Aspen, had utilised the business’s new rapid desktop valuation bridging product, given the immediate requirement to realise funds.

The £232,700, 73% LTV facility was completed on a 10-month term on a stepped rate starting at 0.54% per month.

Saif said: “When speed is of the essence, it is essential for a client to have legal representation that understands bridging finance, otherwise there [could] be unnecessary delays.”

Borrowers can still opt to use their own representation.

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

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