Aspen completes 10-day bridging loan to rescue apartment sale

Aspen Bridging has announced the completion of a 10-day bridging loan to rescue the purchase of four apartments.

The £840,000 facility at 70% LTV was completed on a 12-month term at 0.84% per month.

Aspen was approached by a broker who stated that his clients were looking to expand their portfolio, but had just been served notice and had only 10 days to complete the deal or the seller would relist the flats in Kensington, which had a combined value of £1.2m.

The delay was due to a bottleneck caused by the stamp duty deadline before it was extended, which meant the term product would not complete in time.

Aspen head of sales, Ian Miler-Hawes, instructed a full valuation and legals to begin the process, and the deal saw the bridging lender use its remote signing policy to enable the client to provide security documents direct to the solicitor, ensuring the deal was completed within the vendor’s timeframe.

Miler-Hawes commented: “Going through the checks and processes firsthand has really brought to life the advanced IT and the progressive infrastructure that is in place for Aspen’s team to bring bridging deals to completion in very prompt timescales.”

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