Finance 4 Business (F4B) has completed a £650k bridging loan with Aspen Bridging in just 4 working days.
This is the first completion with F4B for Aspen, following an earlier announcement of soft launching into the bridging market. Aspen have a revolutionary front end which automates much of the application process, therefore considerably reducing completion time.
The client has been granted planning permission for conversion and redevelopment of an old solicitors building in Northampton. The funds will be utilised to redeem the existing arrangements and further enhance value of the site, through planning gain.
Dave Fathers, head of sales F4B, said: “This was a seamless transaction, from start to finish. Aspens automated system enabled the case to progress from application to a position where the case was underwritten, valuation and solicitors were instructed, all within the space of two hours.
“This is an outstanding achievement and a testament to Aspen, who’s investment and hard work in to this area has been well demonstrated.
“Aspen attended site at the same time as the valuer, also providing them with the opportunity to meet the client face-to-face. As for the legals, we have enjoyed a great working relationship with Brightstone Law for many years and as usual, initial requisitions were issued immediately and responses were dealt with in an efficient and timely manner. When combined with the clients proactive and proficient solicitor, enabled the legal due diligence to be completed rapidly.”
Jack Coombs, director Aspen Bridging, added: “It has been great to be able to deliver F4B’s customers the type of service we have promised to provide. The case was a complex re-development with multiple titles but the service provided by Brightstone, our valuation partners and our in-house development experience enabled us to move quickly in meeting the borrower’s needs end to end.
“The ability to quote in minutes and then follow through to make it reality is at the heart of what we offer at Aspen and we look forward to going the extra mile for many more of F4B’s customers.”
Jonathan Newman, Brightstone Law, said: “Aspen have a long established and high reputation in other forms of asset backed lending, so we are especially proud to be selected by them as their legal service provider for short-term lending.”
The feedback from Aspen, F4B, and the borrower has been very positive, so I am assured that the team have demonstrated how execution and delivery at our end can add to the lender proposition they bring to the market.”
Russell Martin (pictured), MD F4B, concluded: “We have been working with Aspen from the outset, assisting in bringing them to market. Ed, Jack and the team have set down a new benchmark. Our client was delighted at the professionalism and service he received. I would encourage any broker that has a time sensitive case, particularly if high leverage is required, to give F4B a call and experience the Aspen service.”