Aspen Bridging

Aspen helps client with £981,000 bridging loan to avoid cost penalties

Aspen Bridging has completed a £981,000 bridging loan within 18 days for a client looking to clear existing debt and avoid cost penalties early in the new year.

The facility — agreed on the lender’s light refurbishment product at a flat rate of 0.79% pm over 10 months — was secured against a portfolio of terrace and semi-detached houses in North London worth £1.4m.

The exit strategy will be the sale of a number of properties in the portfolio.

Of the total sum lent, £932,000 was used to cover maturing finance, while the remaining £49,000 went towards refurbishing existing properties.

Although the deal was introduced to the lender close to Christmas, Aspen worked together with Capital Value Surveyors and Fieldfisher through the holiday break to ensure the deal was completed on time.

The application was handled from start to finish by Aspen’s senior underwriter, Prabhat Talwar, while John Smith, director at Fieldfisher, was in charge of the lender’s legals.

Ian Miller-Hawes, head of sales at Aspen Bridging, said: “The intermediary had been let down by a number of lenders who were slow to react with the Christmas break approaching.

“On approach, we immediately gave assurances that we would do whatever it took to complete the deal quickly, subject to valuation, to get the right result for the client.

“This required out-of-hours work from ourselves and our friends at Capital Value Surveyors and Fieldfisher and, as always, all other matters were put to one side to ensure a seamless, professional service and the right outcome for the client.”

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