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Aspen completes £1.2m bridge for debt restructure

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  • 02/07/2020
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Aspen completes £1.2m bridge for debt restructure
Aspen has completed a £1.2m residential bridging loan for a British Virgin Islands (BVI) company which began a debt restructuring programme just before the coronavirus outbreak.

 

The loan was secured on a penthouse in London and completed at a rate of 0.89 per cent pm flat rate with no exit fees over 12 months. 

The client was a businessman who needed a quick turnaround to ensure the cashflow of his businesses was maintained during the pandemic. 

Credit manager Harry Baker completed the application, maintaining the lender’s practice of allocating one underwriter to one case 

A quote was issued in 15 minutes and a submitted post-search decision in principle (DIP) was completed in one hour. Legals and valuations were instructed within 30 minutes with enquiries and undertaking was received on the same day. 

Jack Coombs (pictured), director at Aspen Bridging, said: “This case shows we are still able to deliver on our time-based service excellence targets remotely, regardless of market challenges or case complexity.  

“Our experienced team knew what to look for from day one to ensure it progressed in line with the client’s expectations and to ensure the best turnaround time without any last minute problems. 

 

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