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Auction Funding and Aspen combine on four-day bridge to dodge default charges

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  • 27/10/2020
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Auction Funding and Aspen combine on four-day bridge to dodge default charges
A property professional was able to exit an existing loan before incurring a five per cent default charge by securing a four-day bridge from Aspen Bridging.

 

Aspen provided a £422,000 loan at 75 per cent loan to value (LTV) on a multi-unit freehold block (MUFB) comprising of four studio flats in Wembley, London all with separate assured shorthold tenancy (AST) agreements. 

The case was introduced by Raj Dahli, director at Auction Funding, an appointed representative of Connect Mortgages, and handled by Aspen’s senior underwriter Prabhat Talwar. 

fully costed illustration was issued in 15 minutes and a decision in principle was provided in one hour. 

As the case was introduced on a Sunday, Aspen undertook a desktop valuation before someone was sent to visit the property the next day to collect data on the measurements and take photographs for the valuer.  

Legals were handled by Leigh Haigh at Fieldfisher LLP and an offer was issued.  

The bridge was completed on Aspen’s stepped rate product which has a rate of 0.49 per cent per month for the first half of the 10-month term. 

Talwar said: “Bridging is all about speed, so when a broker and their client require an immediate solution to a financial matter it is our duty to deliver the resolution, no matter how short the timeframe. 

This is yet another example of our flexibility and willingness to get deals done.” 

Dhali added: “We work together well with Aspen and when speed matters their proactive underwriters stepped up to the task and took this case from application on a Sunday to valuation on a Monday and completion on Wednesday.” 

 

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