Aspen Bridging has announced the completion of a deal for a complex mixed commercial in London using a desktop valuation.
The £620,000 deal was completed at a flat rate of 0.89% with no exit fees on an 18-month term.
Aspen revealed that the decision to value it remotely, despite the complexity of the asset, was taken to limit costs and help the applicant enable a quick completion to avoid costly penalty charges.
The client was coming to the end of their existing debt finance agreement which spanned several properties and needed to obtain a shortfall, so used the Moorgate building to facilitate a total £5m refinance.
The case was introduced by Watts Commercial director, Callum Taylor, who knew the commercial term finance in progress wouldn’t meet the required timescales and approached Aspen for the bridge.
Taylor said: “Aspen’s practical approach on valuations and their commercially minded legal team at Fieldfisher were stand out here. Looking forward to the next case together.”
Following the quick valuation process, Aspen instructed both the desktop valuation with VAS Group and legals within hours of being approached.
Aspen director, Jack Coombs, added: “This deal was enabled by our confidence in our professional partners and our asset team, who visited the property themselves. Aspen completed as required for the client with minimum hassle and thus avoiding substantial valuation costs.”
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