Aspen has completed a £1.2m residential bridging loan for a British Virgin Islands (BVI) company, which commenced a debt restructuring programme just prior to the coronavirus outbreak.
The loan, which was completed at a 0.89%pm flat rate with no exit fees over 12 months, was secured on a penthouse in the Pan Peninsula development in the City of London using the lender’s desktop valuations system.
The client required a quick turnaround to ensure the cashflow of his businesses was maintained during the uncertain period.
Credit manager Harry Baker took the application from start-to-finish.
The lender provided a fully-costed quote in the first 15 minutes and a submitted post-search DIP in one hour.
Legals and valuations were instructed within 30 minutes with enquiries and undertaking received same day.
Meetings with the client were undertaken by Facetime.
Jack Coombs, director at Aspen Bridging, said: “This case shows we are still able to deliver on our ‘time-based service excellence’ targets remotely, regardless of market challenges or case complexity.
“Our experienced team knew what to look for from day one to ensure it progressed in-line with the client’s expectations and to ensure the best turnaround time without any last-minute problems.
“Our business has been built to ensure the highest levels of service whether it’s a simple light refurb, complex legal structures or foreign national applications, and that is why we have seen a record number of brokers registering for our instant quoting ‘broker view’ platform since the pandemic started.”