The 12-month term facility — agreed at 72% LTV on the lender’s stepped rate, which starts at 0.39% per month — helped the client purchase a large nine-bedroom detached house with land in Cheshire.
The borrower required the funds quickly, as they were at risk of losing their £150,000 deposit if the transaction wasn’t completed within two weeks.
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Following the purchase, the client intends to refurbish and sell the property.
Ian Miller-Hawes, head of sales at Aspen Bridging, said: “Our unique no-valuation product has been designed for genuinely urgent transactions up to 70% LTV at initial quote and higher thereafter, as proven with this 72% LTV case.
“The key differentiator between our lending criteria and others in the market is that this doesn’t come at a notable premium — our stepped rate is still 0.39% per month and our flat rate is 0.74%.”
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