The loan to value was 72.5 per cent and the interest rate was 0.55 per cent. The term of the loan was six months.
The client had advanced £100,000 as an option to purchase the multi-use building and needed a speedy solution when another lender failed to complete.
Aspen underwrote the case and issued a decision in principle within three hours.
Within two days, an underwriter was on site with the customer and valuer to review planning and evidence of all permissions and licenses.
To speed up the process, Aspen used its 24-hour audit service to retype the original valuation detailing a new multiple-occupancy home, with licensing in process, on the second and rear ground floors of the building and a shop with ongoing tenancy facing the street.
The client had to remove a director and interview applicants for the position, including undertaking anti-money laundering checks, at the same time as carrying out the usual legal and valuation requirements.
The drawdown was finalised in ten days with the funds used for the balance of the purchase price.
“We were able to overcome the issues and to realise drawdown quickly and professionally because of how our business is funded, our team’s skillset and our time-based service excellent targets,” said Jack Coombs, director of Aspen Bridging.
“This type of deal is our bread and butter,” Coombs added.