Aspen provided a £1.9m bridging loan to a Chinese property professional, preventing them from losing their £325,000 deposit on a London new-build.
The client started a term finance application during the pandemic and risked losing the deposit they placed in 2018 after the application was delayed.
The client approached Winston Hastroodi, relationship manager at Capricorn Financial Consultancy, an appointed representative of Commercial Finance Brokers UK, who introduced the case to Aspen.
Harry Baker, credit manager at Aspen Bridging, oversaw the case from start to finish.
A fully costed illustration was issued within 15 minutes and a decision in principle was submitted in one hour. Legals and valuations were instructed the next day following authorisation from the broker, undertaking was then received same day.
Meetings to update the client were also held over Facetime.
The loan was completed at a flat rate of 0.89 per cent per month with no fees over 12 months and was secured on the luxury property near Albert Embankment.
Baker said: “Covid-19 is still causing disruption to normal practices, and this swift purchase would not be possible in the timescale without our agreed remote signing and witnessing agreements for international clients.”
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