Aspen Bridging has completed a 73% LTV, £1.1m No Valuation facility in just over two weeks, despite complex legal issues and short timeframes across development sites 100 miles apart.
The loan was required to repay an outstanding facility that was due to imminently expire on a land site in Birmingham, with the developer putting forward two five and six bedroom detached houses in Bristol as security.
The title register for the Bristol properties still showed a previously redeemed charge so the lender worked closely with solicitors on both sides to source and lodge appropriate discharges simultaneously with completion.
The deal was completed on Aspen’s Stepped Rate product, starting at 0.59% over a 10-month term. Exit will be achieved through sale of the properties. The application was taken from start to finish by senior underwriter, Laura Randall.
Aspen’s No Valuation bridge removes the need for physical inspection to speed up the loan process.
The client, a returning customer, said: “Aspen is undoubtedly a leader in the bridging loan industry. Their streamlined application process, flexibility, competitive rates, speedy approval and funding, expert guidance and ethical practices make them an exceptional choice for anyone seeking a bridging loan.”
