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Five-day refurb bridge helps borrower avoid receivership – Aspen

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  • 04/04/2019
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Five-day refurb bridge helps borrower avoid receivership – Aspen
Aspen Bridging has completed a five-day refurbishment bridge worth more than half a million pounds.

 

The application involved a borrower that was refinancing to a term product, which was withdrawn at a late stage.

Completion of the case, a £520,000 facility at 75 per cent loan-to-value (LTV) ensured receivership for the borrower was avoided.

The case was submitted for illustration online by the broker on the morning of Friday 22 March, and completed shortly before close of play the following Thursday.

Last month the lender released time-based service excellent targets, designed to help Aspen take the majority of business from enquiry to completion in between three and ten days.

Jack Coombs, director at Aspen Bridging, said: “All cases are very closely monitored so we can constantly progress each application in the quickest possible time, all while taking on the majority of the workload to simplify the process.”

Aspen also recently increased its maximum loan sizes up to £4m net for portfolios and £2m net on single properties.

 

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