Aspen Bridging has completed a 72.5% LTV semi-commercial bridging loan in 10 days for £425,000, overcoming complex legal issues in the process to ensure a portfolio landlord saved their latest investment.

Aspen’s client had advanced £100,000 on the multi-use property on the Old Kent Road as an option to purchase in advance, although another lender failed to complete a purchase on time.

Within three hours, the case was underwritten, and a formal DIP was issued, before an Aspen underwriter was onsite with both the customers and valuer within 48 hours – to review the planning and all relevant permissions and licenses.

Aspen retyped the previous valuation to speed up the process using its 24-hour audit service, although due to structuring issues, a director had to be removed from the purchase while the business interviewed multiple applicants, undertook AML checks and carried out legal and valuation requirements.

Aspen completed a drawdown in 10 days, with the funds used for the purchase balance provided at an initial interest rate of 0.55% for a six-month term.

Aspen director, Jack Coombs, commented: “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.”

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