Aspen Bridging

Aspen saves several property purchases with rapid desktop loan

Aspen Bridging has used its rapid desktop product to provide a £290,000 loan for a professional landlord to complete the acquisition of seven residential properties across the UK.

The corporate borrower required the funding against an unencumbered commercial asset in Derby to show proof of funds for the onward purchases, some of which were in danger of falling through due to the seller’s timescales.

The loan security building is currently awaiting planning permission to convert the whole block into residential apartments.

To save time, Aspen used its remote signing policy to complete the deal.

In a seven-day turnaround, the facility was agreed at 66% LTV at a flat rate of 0.89% per month on a 12-month term, with the case handled from start to finish by underwriter Laura Randall.

Jack Coombs, director at Aspen Bridging, said: “This case encompasses everything that makes rapid desktop so unique, from the speed of the transaction from start to finish to the use of the loan which, in this instance, allowed the property professional to continue to expand their portfolio.”

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