Aspen case study

Aspen completes its first no-valuation bridging loan

Aspen Bridging has completed its first no-valuation product deal on its lowest ever rate of 0.39%.

The new product involves a remote internal valuation assessment based on Aspen’s own internal technology, removing the need for physical inspection and speeding up the process. 

The client on this deal was looking to acquire a detached five-bedroom property in Moseley, Birmingham to add to their BTL portfolio.

Broker, Russell Hussan of Rangewell, recommended the new product to the borrower.

The case was handled from start to finish by Aqib Iqbal, underwriter and risk assessor at Aspen. 

The £209,500, 70% LTV bridging loan was completed in 10 working days at 0.39% over 10 months. 

The client is set to exit by refinancing onto a BTL loan following refurbishment.

Ian Miller-Hawes, head of sales at Aspen, said: “In the most popular locations, time is of the essence when an investment opportunity comes to market, and this is where the no-valuation product really helps.

“The borrower had to move fast here due to competing offers, and both broker and borrower appreciated our one-person-per-case approach to ensure the deadline was met.”

Throughout September, the bridging lender is running its ‘lend a hand’ offer, which gives a 0.05 percentage point reduction on all fixed rate deals up to 70% LTV for prime residential purchase and refinance applications received this month.

The move, which is timed to help offset the reintroduction of Stamp Duty, sees the rate stand at 0.64%. 

Along with its 75% LTV offering, applications are open for its £10m maximum loan size with terms running from 10-18 months.

Pictured above: Aspen Bridging completes its first no-valuation product deal on a detached five-bedroom property in Moseley, Birmingham

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