Aspen completes four-day bridge to save client from default charges

Aspen Bridging has completed a four-day bridge to enable a property professional to exit an existing lender facility before incurring a 5% immediate default charge.
 
The £422,000, 75% LTV agreement was secured on a multi-unit freehold block (MUFB) of four tenanted studio flats in Wembley, all with separate assured shorthold tenancy (AST) agreements.
 
The bridging lender said the case was introduced by Auction Funding director, Raj Dahli, and then handled from start to finish by Aspen senior underwriter, Prabhat Talwar.
  
Aspen undertook a desktop valuation and visited the property in person, providing the valuer with measurements and photos within 24 hours of the case being introduced. On the same day, the lender issued a formal lending offer post-valuation.
 
The bridge was concluded on Aspen’s stepped rate product at 0.49% per month for the first five months of the 10-month loan term.
 
“Bridging is all about speed,” Talwar commented. “So when a broker and their client require an immediate solution to a financial matter it is our duty to deliver the resolution, no matter how short the timeframe. This is yet another example of our flexibility and willingness to get deals done.”
 
Dhali added: “We work together well with Aspen and when speed matters, its proactive underwriters stepped up to the task and took this case from application on a Sunday to valuation on a Monday and completion on Wednesday.”

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