Aspen Bridging has completed a complex £2,815,000 residential purchase deal.

The loan was to a foreign applicant who put forward four security properties to quickly secure funds to buy a five-bedroom detached house in Woking, Surrey.

With the seller threatening to pull the sale and a 75% LTV, the applicant offered his unencumbered buy-to-let property portfolio comprising apartments across London and East Sussex.

The deal was done in conjunction with the lender’s No Valuation product with RICS assessments on all properties performed in-house. Completion was further expedited through its remote DocuSign processes.

The deal was completed on Aspen’s Stepped Rate starting at 0.55% over 10 months. Exit will be achieved through refinance onto a buy-to-let mortgage.

The deal was taken from start-to-finish by head of underwriting, Saif Khalique, who said: “This case had several challenges with a short timeframe and a number of different assets across London and the South-East.

“With the borrower concerned about the cost of four separate valuations we made a joint decision to couple the Residential bridge with our in-house No Valuation product which ultimately saved the borrower time and money.”