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Aspen completes auction finance bridge in five days

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  • 18/08/2020
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Aspen completes auction finance bridge in five days
Aspen Bridging provided a 73 per cent loan to value (LTV) auction finance within five working days, saving the deposit of a pair of first-time commercial investors.

 

Last week Specialist Lending Solutions highlighted how borrowers have been increasingly turning to auctions to find their desired properties.

The loan, worth £193,450, was for a three-bedroom detached house in Hall Green, Birmingham.

Two brothers had secured the £265,000 property with a £26,500 deposit, with plans of a light refurbishment and sale.

The case was completed on the lender’s stepped rate product at 0.59 per cent per month for the first five months of the 10-month term. In total 100 per cent of the works has been funded in arrears.

The borrowers said: “The Aspen team were excellent, they were fast, efficient and delivered within time.”

Jack Coombs, director at Aspen Bridging (pictured), added: “To move from illustration to completion in just five days in today’s market is nothing short of remarkable. Using our desktop valuation system, remote signing processes and witnessing agreements we can progress applications at tremendous speed.”

Aspen’s rate card has a maximum LTV to 75 per cent, which can be realised through both physical and desktop valuations, and a top loan amount of £3m net.

 

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