The bridging loan — which was introduced by James Lennon, director at Tapton Capital — was secured against a heavy refurbishment project in Knightsbridge, London.

The applicant had created a special purpose vehicle for this purpose, after which the lender utilised a third-party charge  and debentures to take security and refinance an existing loan.

However, issues arose when the client changed solicitors at the eleventh hour. 

The situation was handled by Shoaib Patel, senior associate at Fieldfisher, who acted for Aspen on the deal.

The case was also delayed by the delivery service misdirecting the documents, but Aspen requested the redelivery documents to be expedited in time.

The case was handled from start to finish by Prabhat Talwar, senior underwriter at Aspen.

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The 75% LTV deal on a two-bedroom apartment with a roof terrace was completed on a stepped rate of 0.49% on a 10-month term, with 100% funding of works in arrears. 

Jack Coombs, director at Aspen, said: “Getting to grips with a complex deal is part of our offering, and here we quickly grasped how the case was being structured and, with confidence in our fantastic legal partners, we helped this repeat client fund the next stage in their project.”

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.