Aspen completes £2.7m bridging loan using no valuation product

Aspen Bridging has completed a £2.7m bridging loan using its no-valuation product for a client looking to refinance an existing development loan and refurbish additional properties.

The facility was secured against seven apartments in Wandsworth, London, worth £3.775m.

The loan was agreed at 72.5% LTV on the lender’s stepped rate starting at 0.39% over a 10-month term, with the borrower exiting through the sale of existing assets.

The case — introduced by Alexander Hall — was handled by Saif Khalique, senior underwriter at Aspen, who overcame complex structuring where freeholds and leases of several properties were held in different corporates, and in some cases personal names, to enable the deal to proceed swiftly as one simultaneous facility.

As part of its no-valuation offering, the lender used a remote internal valuation assessment, removing the need for a physical inspection and speeding up the process.

Ian Miller-Hawes, head of sales at Aspen Bridging, said: “Since its launch at the start of September, the no-valuation product has proven to be extremely popular as it removes one of the biggest obstacles in ensuring a speedy completion.”

Michael Perry, specialist lending member at Alexander Hall, added: “Dealing with Ian and Saif has been amazing. 

“There was a number of challenges throughout the process and they kept myself and the client updated all the time and couldn’t have been more helpful.”

Aspen’s no-valuation product is available at up to 70% LTV for residential and 65% for commercial applications at quote stage, with rates starting from 0.39% stepped and 0.74% flat for loans of up to £3m net.

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