Aspen completes UAE foreign national bridge in 11 days

Deal marks first desktop completion on lender’s new ratecard.

Aspen Bridging has completed a £270k Rapid Desktop bridge for a UAE foreign national in 11 just days, which simultaneously marks one of their first completions on the new ratecard.

The client required a quick turnaround so not to lose their £27k deposit on a two-bedroom newbuild flat at the Steel House development in Slough, which stands as their initial investment into the UK buy-to-let market.

Aspen issued a fully-costed illustration within 15 minutes and a submitted post-search DIP in one hour. Legals and valuations were instructed the next day.

Meetings where then undertaken by Facetime, and the lender utilised their remote signing and witnessing agreements for international clients to ensure a speedy completion.

The 75% LTV Rapid Desktop bridge was completed on the lender’s flat rate at 0.79% per month over 12 months. Exit will be by way of refinance.

Jack Coombs, Director at Aspen, said: “We have forged a place as the bridging lender of choice for overseas foreign nationals looking to invest in England and Wales, and for good reason.

“As well as introducing several remote steps to aid with speedy completions, we understand the legal requirements and make this area of the deal as straight-forward for the client as possible.

“Add to this that our transparent foreign national rates are available for all, regardless of global location, and the overall service and offering is second-to-none.”

Aspen’s new ratecard has seen the lender cut rates across the majority of its product portfolio by 0.1%, while doubling its maximum loan size to £10m.

Prime Flat Rates start at 0.64% for Residential, 0.69% for Light Development, 0.74% for HMOs and 0.79% for Commercial. LTVs are available up to 75% with loan terms running from 10-18 months.

Stepped Rates are available from 0.39% for an initial six-month term on all products and LTVs.

Applications remain open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.

Published: 23 August 2021