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Auction purchase and part-complete project saved with £2.3m Aspen loan

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  • 08/09/2020
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Auction purchase and part-complete project saved with £2.3m Aspen loan
A client’s £125,000 auction deposit has been saved and the development of a project has been funded with a £2.3m loan provided by Aspen.

 

The 73 per cent loan to value (LTV) bridging loan was completed in 15 days at 0.49 per cent for six months on the lender’s stepped rate product. 

With the loan, the client was able to complete on an auction purchase for a six-bedroom semi-detached property. The money will also be used to complete a part-finished development project, which is a five-bedroom terraced property which was purchased in 2019 and still has £140,000 works outstanding. 

Ed Ahrens, managing director of Aspen Bridging visited the developer and was shown both properties to gain further understanding of the deal. 

The case was handled by credit manager, Harry Baker and John Smith, senior associate at Fieldfisher LLP represented Aspen on the legals.  

Ahrens said: “To meet an auction purchase deadline of 15 days and assess and agree a finish-and-exit deal simultaneously is a great showcase of our willingness to take on quality but complex cases at speed.” 

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