Aspen Bridging has announced the completion of a £1.2m residential bridging loan for a British Virgin Islands (BVI) company which had commenced with a debt restructuring programme just before the coronavirus pandemic.
 
The loan, which was completed at a rate of 0.89% flat rate with no exit fees over 12 months, was secured on a penthouse in the Pan Peninsula development in London, using the lender’s desktop valuations system.
 
Aspen said that the client required a quick turnaround to ensure the cashflow of his businesses was maintained during the uncertain period, and the lender added that it met all its time-based targets with a fully-costed quote issued in 15 minutes and a submitted post-search DIP in one hour. Legals and valuations were instructed within 30 minutes with enquiries and undertaking received same day.
 
Meetings with the client were undertaken virtually and Aspen’s legal partners progressed matters quickly while working with a third-party legal team, to provide the required legal opinion on the BVI company.

Aspen director, Jack Coombs, commented: “This case shows we are still able to deliver on our time-based service excellence targets remotely, regardless of market challenges or case complexity.
 
“Our experienced team knew what to look for from day one to ensure it progressed in line with the client’s expectations and to ensure the best turnaround time without any last minute problems.
 
“Our business has been built to ensure the highest levels of service whether it’s a simple light refurb, complex legal structures or foreign national applications, and that is why we have seen a record number of brokers registering for our instant quoting ‘Broker View’ platform since the pandemic started.”

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