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Aspen completes four-day £1m bridge

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  • 10/12/2020
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Aspen completes four-day £1m bridge
Aspen has provided a £1m bridge in four working days saving a £100,000 deposit for a buy-to-let investor based in Hong Kong.

 

The lender was approached on 3 December with a hard deadline of December 8 as the notice to complete had already been served on a newly refurbished three-bedroom maisonette in Holland Park.

A high street bank had told the borrower they could not meet timescales.

On day one a fully underwritten formal decision in principle was issued, legals instructed and a desktop valuation was requested, paid and returned by close of play.

The following day the loan documentation was signed remotely in Hong Kong in accordance with Aspen’s remote signing policy and a courier was assigned to quickly bring the documents back to the UK.

On day three, an Aspen underwriter visited the property and completed all forms with the customer and undertook due diligence, while the legal requisition list had gone from 17 outstanding points to four.

And on day four, in accordance with timescales, the remaining points on the requisition list were satisfied and the original signed loan documents arrived at Aspen’s solicitor’s office.

The lender released all funds on the Tuesday morning and paid all brokerage fees in the afternoon.

The case was introduced by Winston Hashtroodi at Capricorn Financial and handled by Aspen bridging underwriter, Saif Khalique.

The £1m, 69 per cent loan to value (LTV) agreement was completed on the lender’s flat rate product at 0.89 per cent per month over a 10-month term.

Hashtroodi said: “It goes without saying that what Aspen did and does is a result of our great partnership and mutual trust. What you see here is as good as lending can ever get in the United Kingdom.

“We are proud of working with Jack Coombs and the Aspen team who make it possible for us to do what we do best, and that is helping our clients achieve their financial needs as quickly as they need to.”

Jack Coombs, director at Aspen Bridging (pictured), added: “This is a great demonstration of the professionalism of Capricorn and the rapid service Aspen offers that enables us to guarantee serious speed to borrowers.”

 

 

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