Aspen Bridging saves £500k equity in complex deal

Aspen Bridging announced that it saved a client more than £500,000 in equity on a London property, having completed a £1.4m, 78% LTV bridge deal at the conclusion of a complex five-year case.

Aspen provided a quick illustration with the broker, having confirmed with the firm’s lawyers that the legal position was acceptable, and to help meet the court’s timeframe, the bridging firm also accepted an existing valuation that had expired, using a desktop update after audit.

The property was then found to contain two leases for flats which were to be assigned to the client on completion of the loan. Aspen suggested the applicant was looking to purchase the freehold from the council to dissolve the leases simultaneously.

Aspen managing director, Ed Ahrens, met the client within days to understand the situation, visit the security, and explain the legal framework to ensure the applicant understood how to fulfil the complex requirements quickly.

The client visited her solicitors in order to sign the paperwork the following week for the reassignment of the leases into her name. Aspen added that it could then provide the funding for the resolution of the existing mortgages, as well as funding for the purchase of the freehold title to maximise the client’s equity position.

Commenting on the case, Ahrens said: “Bridging is a solutions driven industry, but sometimes this goes past the basic and into complex cases where in-depth legal knowledge is required.

“All our staff are trained to offer this level of expertise, and we have fantastic support from Fieldfisher, which allows us to assist the client and streamline the process.”

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