Aspen saves £325k deposit with £1.9m bridging loan

Aspen Bridging has provided a £1.9m bridging loan to a Chinese property professional, saving them their £325,000 deposit on a new build London penthouse after delays in their term finance application.

The loan, which was completed at a flat rate of 0.89% pm with no fees over 12 months, was secured on a luxury property near Albert Embankment.
Aspen revealed that the borrower had started their term finance application during the COVID-19 outbreak, which then caused delays that meant they were in danger of losing the deposit they placed in 2018.
Aspen credit manager, Harry Baker, picked up the case and took the application from start-to-finish, with meetings undertaken virtually.
Baker said: “We are fast becoming the go-to bridging lender of choice for overseas borrowers having built up extensive expertise in foreign borrower transactions.
“COVID-19 is still causing disruption to normal practices, and this swift purchase would not be possible in the timescale without our agreed remote signing and witnessing agreements for international clients.”

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