The decision to value the property remotely, despite its complexity, was taken in order to limit costs and help the applicant gain a quick completion to avoid costly penalty charges.
Aspen Bridging used a desktop valuation to lend £620,000 against a six-storey commercial property in Moorgate, comprising offices undergoing substantial works as well as a ground floor restaurant.
The decision to value the property remotely, despite its complexity, was taken in order to limit costs and help the applicant gain a quick completion to avoid costly penalty charges.
The client was coming to the end of their existing debt finance agreement, which spanned several properties, and needed to obtain a shortfall, so used the Moorgate building to facilitate a total £5m refinance.
The case was introduced by Callum Taylor, director at Watts Commercial, who knew the commercial term finance in progress would not meet the required timescales and, being aware of the Rapid Desktop product, approached Aspen for the bridge.
Following their Rapid Desktop process the lender instructed both the desktop valuation with VAS Group and legals within hours of being approached.
To save further time Aspen also used their Remote Signing Policy and the Fieldfisher London office drop-off to enable the client to sign and provide security documents easily and swiftly.
The £620,000 deal was completed at on a Flat Rate of 0.89% with no exit fees on an 18-month term.
Jack Coombs, director at Aspen Bridging, said: “This deal was enabled by our confidence in our professional partners and our asset team, who visited the property themselves.
"Aspen completed as required for the client with minimum hassle and thus avoiding substantial valuation costs.”
Taylor added: “Aspen’s practical approach on valuations and their commercially minded legal team at Fieldfisher were stand out here. Looking forward to the next case together.”
