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.”
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