Aspen Bridging

Aspen lends £620,000 on six-storey commercial property

Aspen Bridging has completed a £620,000 loan against a prime, six-storey commercial property in Moorgate, London, using a desktop valuation.

The property comprises two offices undergoing substantial works and a ground-floor restaurant.

The loan was used to refinance part of an existing debt facility totalling £5m as the client was coming to the end of the agreement, which spanned several properties.

The case was introduced by Callum Taylor, director at Watts Commercial, who knew the commercial term finance he had in progress wouldn’t meet the required timescales.

The decision to value it remotely, despite the complexity of the asset, was taken to limit costs and  enable a quick completion to avoid costly penalty charges.

Using its rapid desktop process, Aspen instructed both the desktop valuation with VAS Group and legals within hours of being approached.

To save further time, the specialist lender used its remote signing policy and the Fieldfisher London office drop-off to enable the client to sign and provide security documents swiftly.

The 18-month £620,000 loan was completed on a 0.89% flat rate with no exit fees.

Jack Coombs, director at Aspen, said: “This deal was enabled by our confidence in our professional partners and our asset team, who visited the property themselves. 

“Aspen completed as required for the client with minimum hassle and thus avoiding substantial valuation costs.”

Callum added: “Aspen’s practical approach on valuations and its commercially minded legal team at Fieldfisher stood out here.”

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

They are available across all products, up to a maximum loan size of £5m net and 75% LTV, across six to 18 months.

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