The client required a £1.16m development exit facility secured against three new-build detached homes in Kent, at an average of £600,000 per dwelling.
Aspen Bridging has completed the first deal on its new 2021 ratecard, and in the process helped a developer complete an imminent stage payment on a second site before it fell through.
The client required a £1.16m development exit facility secured against three new-build detached homes in Kent, at an average of £600,000 per dwelling, to assist with an urgent stage payment for the purchase of another new development site.
The process took 10 days from application to completion; to ensure the case was turned around as quickly as possible, senior underwriter Prabhat Talwar visited the properties within two working days of the application landing and ensured a RICS Red Book valuation was returned within the next 48 hours.
Aspen confirmed the offer that same day.
The deal was finalised at 60% LTV with no PG at Aspen’s 0.74% flat rate over six months.
Jack Coombs, director at Aspen, said: “Since we increased our maximum loan amount at the start of the year and introduced our new ratecard early February, the number of applications and people visiting our new innovative broker-focused website increased exponentially.
“This is why we have undertaken a recruitment drive to meet demand, and this case is an excellent example of our continued flexibility and speed to enable good borrowers to achieve their aims at attractive pricing and within a tight deadline.”
Aspen recently updated its 2021 ratecard offering, as well as launching a Rapid Desktop Valuation bridging product, and a Light Development product.
