Aspen Bridging has completed a £1,575,000 no-valuation bridge in under two weeks for a returning client acquiring a five-bedroom detached house in Barnet, north London.
The deal, agreed at 75% loan-to-value on Aspen’s stepped rate starting at 0.49% per month over a 10-month term, was secured after the borrower was given short notice to complete in order to beat rival bids for the property.
The lender’s one-person-per-case approach saw credit manager Sinead McMurray handle the transaction from start to finish. Using Aspen’s in-house surveyors, she was able to issue a post-valuation offer within 48 hours.
The loan will be exited once the property is refinanced onto a buy-to-let product and added to the borrower’s investment portfolio.
Mike Allen, business development manager for London and the East of England at Aspen Bridging, said: “Our equity-funded position enables us to take a pragmatic approach to risk, particularly when working with experienced borrowers with whom we have established relationships.
“This approach allows us to streamline applications, focus on the issues that truly matter and complete transactions with exceptional speed. This particular case is textbook bridging as a quick, clean and effective financial solution.”
