Aspen Bridging has completed a £1m bridge in four working days for a Hong Kong based buy-to-let investor who risked losing a £100,000 deposit.
The bridging lender was approached on 3 December with a hard deadline of 8 December as the notice to complete had already been served on a newly refurbished three-bedroom maisonette in Holland Park, and the high street bank stated they could not meet timescales..
On day one a fully underwritten formal DIP was issued, legals instructed and a desktop valuation was requested, paid and returned by close of play.
The following day the loan documentation was signed remotely in Hong Kong in accordance with Aspen’s remote signing policy and a courier was assigned to quickly bring the documents back to the UK.
On day three an Aspen underwriter visited the property and completed all forms with the customer and undertook due diligence, while the legal requisition list had gone from 17 outstanding points to four.
On the fourth day, in accordance with timescales, the remaining points on the requisition list were satisfied and the original signed loan documents arrived at Aspen’s solicitor’s office. The lender released all funds on the Tuesday morning and paid all brokerage fees in the afternoon.
The case was introduced by Winston Hashtroodi at Capricorn Financial and handled from start-to-finish by Aspen Bridging underwriter, Saif Khalique.
The £1m, 69% LTV agreement was completed on the lender’s flat rate product at 0.89% per month over a 10-month term.
Hashtroodi said: “It goes without saying that what Aspen did and does is a result of our great partnership and mutual trust. What you see here is as good as lending can ever get in United Kingdom.
“We are proud of working with Jack Coombs and the Aspen team who make it possible for us to do what we do best, and that is helping our clients achieve their financial needs as quickly as they need to.”
Jack Coombs (pictured), director at Aspen Bridging, added: “This is a great demonstration of the professionalism of Capricorn and the rapid service Aspen offers that enables us to guarantee serious speed to borrowers.
“There is still plenty of time to complete deals before Christmas and our 2020 rate promotion is available on all cases introduced and completed by 24 December, our message is to contact us as soon as possible so we can do what we do best.”
