Aspen completes two loans in one day to save project

Aspen Bridging has completed two loans on one day for a client, within 20 and seven days from application, after a collapsed sale threatened a developer’s next project.

Having originally applied for a £430,000 loan against a £675,000 three-bedroom end terrace, another £310,000 was required against a £465,000 two-bedroom flat on the same development after its sale fell through when the purchaser could not raise the funds in time.

Both unencumbered security properties formed part of a large development in Chingford, which has seen the full restoration of a Grade II Listed manor house into apartments, plus the addition of further buildings.

The development will also involve the renovation of abandoned buildings plus new properties.

Following discussions with Ian Miller-Hawes, head of sales, and Prabhat Talwar, senior underwriter at Aspen, both loans were completed on the lender’s No Valuation product at 70% loan-to-value (LTV) and 75% LTV respectively.

The first loan was taken on a fixed rate at 0.79% over 12-months, and the second was taken on the stepped rate at 0.49% over six months. Both will be cleared by sale of assets.

Aspen’s No Valuation bridge uses a remote internal valuation assessment which removes the need for physical inspection.

Miller-Hawes said: “What was already a fast-moving application took on a new dimension when the developer asked to add a second property to ensure there were no cashflow issues with the purchase of the new land.

“We discussed their requirements at length, and it was decided to keep the completions separate so that loan one could operate as originally required, and loan two could be repaid as soon as the developer felt comfortable. This ensured payments were kept to a minimum.

“It is this flexibility and transparent advice that makes Aspen a truly dependable bridging lender, and our commitment to speed, such as was realised with the No Valuation product, saves people’s projects.”