Aspen Bridging has completed a £425,000 semi-commercial bridging loan in 10 working days for a portfolio landlord investing in another property.
The loan at 72.5% loan-to-value (LTV), involved overcoming complex legal issues and was priced at an initial interest rate of 0.55% on a six-month term.
The client had advanced £100,000 on the multi-use property on the Old Kent Road as an option to purchase in advance.
However, when another lender failed to complete on time a quick solution was required.
Jack Coombs (pictured), director of Aspen Bridging, said: “This type of deal is our bread and butter.
“Because of the way our business is funded, the skillset of the team and our time-based service excellence targets we are able to overcome the issues to realise drawdowns quickly and professionally.”
The client added: “As a growing landlord we went to Aspen Bridging to help us achieve the next acquisition for our portfolio.
“We received an efficient and straightforward approach to lending, contact was quick and communications were clear.”
The case was underwritten within three hours and a formal DIP was issued.
An Aspen underwriter was then onsite with the customers and valuer within 48 hours to review the planning and evidence all relevant permissions and licenses.