Aspen overcomes complex legal issues to complete £1.3m bridge

26 April 2021

Aspen made light work of a trio of complex legal issues to complete a £1.3m bridge against a heavy refurbishment project in Knightsbridge.

The 75% LTV deal on the two-bedroom apartment with roof terrace was completed at on a Stepped Rate of 0.49% on a 10-month term with 100% funding of works in arrears for a repeat client introduced by James Lennon, Director of Tapton Capital.

The applicant had created a Special Purpose Vehicle (SPV) to complete the buyout of his business partner’s share of another company, the lender then utilised a third-party charge and debentures to take security and refinance the existing loan.

Further issues arose when the client changed solicitors at the eleventh hour, a situation that was handled quickly and professionally by Shoaib Patel at Fieldfisher who acted for Aspen on the deal.

Moreover when the delivery service couriering the documents misdirected them, the lender stepped in to request the redelivery documents be expedited in time to save the client considerable cost on the refinance.

In-line with Aspen’s promise of clear and transparent customer service, the case was handled from start-to-finish by Prabhat Talwar, Senior Underwriter.

Jack Coombs, Director at Aspen said: “Getting to grips with a complex deal is part of our offering and here we quickly grasped how the case was being structured and, with confidence in our fantastic legal partners, we helped this repeat client fund the next stage in their project.”

Aspen recently revamped its 2021 ratecard offering with its Stepped Rate cut to 0.44% and its Flat Rate reduced to 0.74%. They are immediately available across all products up to a maximum loan size of £5m net and 75% LTV across 6-18 months.

The Rapid Desktop Valuation bridging product was introduced so cases can be completed in as little as two working days, and a new Light Development product is available up to 75% LTV with 100% cost of works in arrears.

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