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Aspen uses desktop valuation to deliver bridging loan in ten days

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  • 28/04/2020
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Aspen uses desktop valuation to deliver bridging loan in ten days
Aspen Bridging has completed a £225,000 residential bridging loan in ten days by using desktop valuations in light of restrictions placed on the market due to Covid-19.

 

Last week, the lender announced it would continue to lend up to 62.5 per cent loan to value based on pre-pandemic property values as of 1 March. 

The loan, which was finalised at a monthly flat rate of 0.84 per cent over ten months, was secured by a property developer on a penthouse in Birmingham city centre to consolidate debts and raise funds for another ongoing development. 

A fully-costed quote was issued in the first 15 minutes, the lender said, and a submitted post-search decision in principle (DIP) was returned in an hour. Legals and valuations were instructed within 30 minutes and enquiries and undertakings were received the same day.  

All meetings were conducted using Facetime. Aspen’s legal partner, FieldFisher, progressed the application with full remote capacity and same day pay-out facilities. Harry Baker, credit manager at Aspen, underwrote the case from start to finish. 

Jack Coombs (pictured), director at Aspen Bridging, said this was a “great case” to complete following the lender’s update to its criteria.  

Coombs added: “Our immediate, proactive approach to the coronavirus, which saw us embrace desktop valuations, pre-pandemic property values and remote witnessing, has allowed us to continue to support the specialist lending community.” 

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