ASPEN DELIVERS RAPID 10-DAY FINSH & EXIT BRIDGE
12 Sep 2023
Aspen Bridging used its No Valuation product and a weekend visit to ensure a £630k facility was completed in 10 days so a developer avoided going overdue on an existing development loan.
With a strict 10-day deadline the company’s Credit Analyst, Richard Coombs went to inspect the project on a Saturday and speak to the applicant who needed time to finish the properties - water connections were still to be completed - and then market the two three-bedroom semi-detached houses in Northwood, Middlesex.
The 55% LTV deal was completed on Aspen’s Stepped Rate product, starting at 0.55% over a 12-month term. Exit will be achieved through sale of the properties.
Jack Coombs, Director at Aspen Bridging, said: “This is bridging at its best, quick, unobtrusive and delivering all the outcomes required by the applicant. We will always go above and beyond with every application, that’s why good developers on quality projects trust us implicitly.”
Aspen Bridging’s latest 2023 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 0.59% per month for the first six months across all product types and go 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.