Aspen closes £173,000 bridging deal in five working days

Aspen Bridging has completed a £173,000 no-valuation bridging loan within five working days, allowing the borrower to raise funds for an onwards property purchase.

The facility was arranged using the lender’s flat rate product at 0.79% over a 12-month term, secured on the client’s unencumbered four-bedroom detached house in Edgware, north London.

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.

Jack Coombs, director at Aspen, said: “Completion times in the bridging sector are continuing to rise, with Bridging Trends reporting the average drawdown has increased to 53 days in Q3.

“While some borrowers need bridging for other reasons, specialist lenders need to be capable of being fast and flexible where needed, which is why our service proposition still states we aim to complete the majority of cases in under 10 days. 

“This is where our innovative approach to underwriting, legal work and valuations makes a difference.

“Come 2022, we are launching another new product as we aim to continue to innovate and better meet the requirements of UK and overseas borrowers.”

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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