Aspen Bridging has announced the completion of a £3.4m bridge at 73% LTV on five newbuild flats in Central London.

Aspen indicated that the client, a Chinese national and an experienced property investor, had faced losing over £1m in deposits after securing the apartments in 2017 only for the contracts to expire with another lender.

The deal was sent to Aspen by Winston Hashtroodi, a broker at Capricorn Financial who picked up the case, before Aspen provided an illustration and issued a formal DIP.

A senior Aspen underwriter was on site the next day to meet the client, visit the security and understand the client’s requirements and business model. Aspen indicated that finance was offered at an initial interest rate of 0.59% for an eight-month term, with the applicant planning to refinance.

Hashtroodi commented: “Aspen pulled it out of the bag once again. The underwriters and case managers worked with me, my client and the solicitors to complete on five flats and save my client in excess of £1m.”

Aspen said the client was buying several of the units in an individual name and the remainder in a corporate name, so the lender structured the deal using a third-party charge on the individual name units.

Aspen director, Jack Coombs, immediately called the developers to assure them completion was on track, and remind them of their obligations to the borrower.

The borrower added: “I was very pleased with the whole process from the beginning till the end. The team is very professional, friendly, and they were working hard to make things happen on time.

“From a commercial point of view, it is also very completive in terms of the rate in the market. I definitely will come back again.”

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