Developer gets required funds within two weeks
Aspen has completed a 72% LTV, £1.1 million no valuation bridge for a client who had just two weeks to complete a purchase and save their £150,000 deposit.
The developer required quick funds to acquire a large nine-bedroom detached house (pictured) in Cheshire, with land, with the intention to refurbish and sell.
The 12-month bridge was completed on the lender’s stepped rate, which starts at 0.39% per month.
Aspen’s no valuation bridge uses a remote internal valuation assessment which removes the need for physical inspection which in turn speeds up the process from start-to-finish.
Available at quote stage up to 70% LTV for residential and 65% for commercial applications, rates start from 0.39% stepped and 0.74% flat for loans of up to £3 million net.
Ian Miller-Hawes, head of sales at Aspen Bridging, said that their unique no valuation product had been designed for genuinely urgent transactions, up to 70% LTV at initial quote and higher thereafter, as proven with this 72% LTV case.
“The key differentiator between our lending criteria and others in the market is that this doesn’t come at a notable premium, our stepped rate is still 0.39% per month and our flat rates are 0.74%,” Miller-Hawes said.
Aspen’s 2022 rates and product card features a new development exit and refurbishment product with up to 80% LTV for experienced developers with clean credit. Across its range, flat rate products start from 0.64% per month and stepped rates from 0.39% per month.
Aspen also entered the bridge-to-let market with an innovative product designed to offer wider use flexibility and lower ERC’s than existing bridge-to-let or hybrid offerings. It is available up to 80% LTV with bridge rates starting at 0.64% pm and BTL rates of 4.49% pa.
