ASPEN COMPLETES £1,725,000 COMPLEX MULTI-TRANCHE LOAN IN 20 DAYS
14 Aug 2024
Aspen Bridging has completed a complex multi-tranche delayed Commercial loan, with a total value of £1,725,000, which covers three commercial properties in close proximity on the main high street in Ilford, West London.
Taken from start-to-finish in just 20 days, the borrower took an initial £1,160,000 to complete the purchase of two buildings including an old high street bank and retail unit both with upstairs office space, with £565,000 available when a third building goes to auction in the next few months.
The structure of the loan ensures that the initial interest payments are lower and the remaining balance will only be accessed if the extra property is secured.
As well as one of the initial buildings the borrower, who has completed a string of previous deals with Aspen, has put forward a £2.2m commercial office unit in Westminster as additional security.
The deal, which starts at 44% LTV and could rise to 65% LTV, was completed on Aspen’s Flat Rate at 0.94% over 12 months.
In-line with the lender’s one-person per-case Customer Service Commitment the application was taken from start-to-finish by Senior Underwriter, Laura Randall.
Ian Miller-Hawes, Sales Director at Aspen Bridging, said: “This case showcases the key differentiators in our bridging proposition, in that we are able to adapt to complex cases to create loans tailored to each client due to our secure funding line and equity-backed funding structure.
“The fact that it only took 20 days from initial application to drawdown also highlights our excellent service levels allowing us continue to assist a list of returning customers on their property deals.”
Aspen Bridging’s Rates & Product Card has Flat Rates, across all product types including heavy works, available at 0.89% plus one month’s exit at 80% LTV as well as 0.89% at 75% LTV and 0.85% at 65% LTV.
Stepped Rates start from 0.49% per month for the first six months across all product types and are available up to 80% LTV.
Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.