Aspen Bridging

Aspen completes £1.1m no-valuation bridging loan in two weeks

Aspen Bridging has completed a £1.1m no-valuation bridging loan within two weeks for a property developer.

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.

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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