Aspen completes 73 per cent LTV auction finance loan in five days

The £193,450 loan was secured by first-time commercial investors who, at auction, had bagged a three-bedroom detached house in Hall Green, Birmingham, for £265,000.

It was the brothers’ first foray into property investment and they are planning light refurbishment and sale.

To ensure the clients did not lose their £26,500 deposit, Aspen’s senior underwriter, Prabhat Talwar, handled the case from start to finish to meet the following time targets:

• Wednesday
10:00 – case introduced for illustrative terms
11:30 – case submitted 
13:11 – formal DIP issued 
14:01 – valuation and legals instructed
• Thursday
10:00 – legal undertaking received
• Friday 
15:00 – valuation report received
• Monday
12.00 – legal docs signed and originals sent 
• Tuesday
11:00 – funds released 

Aspen used its desktop valuation system and remote signing processes.

The case was completed on the lender’s stepped-rate product at 0.59% per month for the first five months of the 10-month term. 

In total, 100% of the works has been funded in arrears.

The borrowers said: “The Aspen team were excellent — they were fast, efficient and delivered within time, [we] would highly recommend.”

Jack Coombs, director at Aspen Bridging, added: “To move from illustration to completion in just five days in today’s market is nothing short of remarkable.” 

Aspen’s rate card has a maximum LTV of 75%, which can be realised through both physical and desktop valuations, and a top loan amount of £3m net.

The lender’s flat and stepped-rate products can be used on residential and light refurbishment, residential and medium refurbishment, HMOs, prime semi-commercial and prime commercial property.