A client’s £125,000 auction deposit has been saved and the development of a project has been funded with a £2.3m loan provided by Aspen.
The 73 per cent loan to value (LTV) bridging loan was completed in 15 days at 0.49 per cent for six months on the lender’s stepped rate product.
With the loan, the client was able to complete on an auction purchase for a six-bedroom semi-detached property. The money will also be used to complete a part-finished development project, which is a five-bedroom terraced property which was purchased in 2019 and still has £140,000 works outstanding.
Ed Ahrens, managing director of Aspen Bridging visited the developer and was shown both properties to gain further understanding of the deal.
The case was handled by credit manager, Harry Baker and John Smith, senior associate at Fieldfisher LLP represented Aspen on the legals.
Ahrens said: “To meet an auction purchase deadline of 15 days and assess and agree a finish-and-exit deal simultaneously is a great showcase of our willingness to take on quality but complex cases at speed.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS