ASPEN COMPLETES £1.75M, 14-DAY BRIDGE FOR FOREIGN NATIONAL
16 May 2023
An American foreign-national secured their latest high-end London investment property thanks to a £1.75m, No Valuation facility completed in 14-days from start to finish by Aspen Bridging.
The client required immediate resolution to secure their £7.5m purchase of the 3,028 square foot, four-bedroom luxury apartment in Kensington, which is set over three floors within a Victorian red-brick semi-detached mansion and includes multiple reception rooms and a multi-tiered private garden.
Underwriting was completed in a week thanks to Aspen’s No Valuation bridge, a unique product which removes the need for physical inspection to speed up the loan process.
In tandem the lender utilised their bespoke remote signing and witnessing agreements for international clients to ensure the funds were available on the exact day required.
The deal, written on Aspen’s flat rate of 0.89%, was taken from start-to-finish by Aspen’s Underwriting Manager, Saif Khalique. Exit on this 25% LTV deal will be realised via refinance onto a buy-to-let mortgage.
Perminder Ghataore of Finance House Solutions said: “Thanks to Aspen’s non-valuation product we managed to secure a short-term lend for our UHNW client on very short notice with underwriting completed within a week and full completion delivered on the day required.
“From Initial Review with Ian Miller-Hawes through to underwriting and completion with Saif Khalique we received excellent service, great communication and delivery.”
Aspen’s rates and product card <https://www.aspenbridging.co.uk/aspen/overview/> sees Stepped Rates from 0.49% and Flat Rates from 0.84%. The lender operates a maximum loan size of £10m net, up to 75% LTV and with terms running from six to 24 months.
In 2022 the company launched two innovative products,
Development Exit & Refurbishment and its award-winning Bridge-To-Let. Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.