Aspen saves developer's deposit with rapid desktop bridging loan

Aspen Bridging has completed a £851,875 bridging loan within five days using its rapid desktop product for a developer’s property purchase, which had a 10% non-refundable deposit.

The facility was also used to refinance an existing development loan that the developer had taken out for its latest project — nine newly built two-bedroom flats in Merseyside, valued at £1.175m — which was used as security.

The client required the funds quickly, as they risked losing their deposit if the purchase was not completed within seven days.

The rapid desktop bridging facility was completed on Aspen’s preceding rate card, starting on the stepped rate of 0.54% over a 10-month term.

The deal was introduced by John McNamara, head of real estate development finance at Focus Commercial, while John Smith, director at Fieldfisher LLP, handled the legals for the lender.

“Aspen fully understood the needs for the quick refinance to purchase the new site and set to work immediately, sending the terms out the same day, with ourselves fully packaging the application,” said John.

“Aspen formally offered the same day and instructed the desktop valuation, which was crucial in the timescales of the transaction, as well as progressing legals on the same day.

“Underwriter Laura Randall, who handled the deal from start to finish, was very proactive in the communication with all parties, helping to ensure that the completion happened within five days. 

“The speed, service and delivery of this loan application in the short timescale were fantastic.”

In July, Aspen cut rates across the majority of its product portfolio and doubled its maximum loan size to £10m

Its stepped rates are now available from 0.39% for an initial six-month term on all products and LTVs.

Meanwhile, prime flat rates start at 0.64% for residential, 0.69% for light development, 0.74% for HMOs, and 0.79% for commercial. 

Loans are available up to 75% LTV, with terms running from 10-18 months.

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