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Property professional salvages £325,000 deposit with Aspen bridge

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  • 04/08/2020
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Property professional salvages £325,000 deposit with Aspen bridge
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.  

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.” 

 

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