The deal was completed at 66 per cent loan to value (LTV) over a 12-month term with a flat rate of 0.89 per cent per month. The case was handled by underwriter Laura Randall.
It applies to a commercial asset in Derby, which needed proof of funds to proceed with purchase, and is currently waiting for planning permission to be converted into residential properties.
The rapid desktop product allows urgent transactions, up to 65 per cent LTV at the initial quote stage, to be completed in two working days and guaranteed within 10 working days.
To meet the timescale, the quote provided includes integrated legal contacts and fees as well as solicitor services which are combined with the lender’s legal firm. Borrowers can use their own legal representation if desired.
Aspen’s remote signing policy was also used to increase the speed of the process.
A formal decision in principle can be sent out within two hours of receiving the application and the lender can instruct both the desktop valuation from Vas Group and legals within half an hour of acceptance.
Aspen Bridging’s director Jack Coombs (pictured) said: “This case encompasses everything that makes rapid desktop so unique, from the speed of the transaction from start-to-finish to the use of the loan, which in this instance allowed the property professional to continue to expand their portfolio.
“We believe it is key to provide problem-solving products that give brokers options that meet their clients’ needs, as some cases require speedy offers, desktop valuations definitely have a place in our offering.”