Aspen Bridging has completed a £2.73m bridge on its ‘No Valuation’ product for an applicant wanting to redeem a development loan and refurbish additional properties.
The developer used a property consisting of seven apartments in London worth £3.78m as security, giving a LTV of 72.5%.
Aspen confirmed that the bridge was completed on the lender’s stepped rate which starts at 0.39%, taken over a 10-month term, with the developer exiting through the sale of existing assets.
The case was handled from start to finish by Aspen senior underwriter, Saif Khalique, who overcame complex structuring where freeholds and leases of several properties were held in different corporates, and in some cases personal names, to enable the deal to proceed swiftly as one simultaneous facility.
Aspen’s ‘No Valuation’ bridge product uses a remote internal valuation assessment which removes the need for physical inspection which in turn speeds up the process.
“Since its launch at the start of September, the No Valuation product has proven to be extremely popular as it removes one of the biggest obstacles in ensuring a speedy completion,” said Aspen head of sales, Ian Miller-Hawes.
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