Aspen Bridging

Aspen completes rapid desktop bridging loan within 11 days

Aspen Bridging has used its rapid desktop product to provide a £270,000 bridging loan within 11 days for a UAE foreign national.

The facility was used for the purchase of a two-bedroom new build flat in Slough, which stands as their initial investment into the UK BTL market.

The client required the funds quickly to complete the transaction and avoid losing their £27,000 deposit. 

Aspen issued a fully-costed illustration within 15 minutes and a submitted post-search DIP in one hour, with legals and valuations instructed the next day.

Meetings were then undertaken by Facetime, and the lender utilised its remote signing and witnessing agreements for international clients to ensure a speedy completion.

The 75% LTV loan was secured on the lender’s flat rate at 0.79% per month over a 12-month term.

Jack Coombs, director at Aspen Bridging, said: “We have forged a place as the bridging lender of choice for overseas foreign nationals looking to invest in England and Wales, and for good reason.

“As well as introducing several remote steps to aid with speedy completions, we understand the legal requirements and make this area of the deal as straight-forward for the client as possible. 

“Add to this that our transparent foreign national rates are available for all, regardless of global location, and the overall service and offering is second-to-none.”

Aspen’s new ratecard has seen the lender cut rates across the majority of its product portfolio, while doubling its maximum loan size to £10m.

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

LTVs are available up to 75% with loan terms running from 10-18 months.

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

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