ASPEN COMPLETES £810K NO VALUATION FACILITY IN 12 DAYS

22 November 2023

Aspen Bridging took no search indemnity on a block of part-finished flats to provide a £810k No Valuation facility in just 12 days to keep a developer’s projects on-track.

Representing 71% LTV, the funds will be used to finish the build of four two-bedroom flats in a former terraced property in Cromer, Norfolk as well as raise capital towards their next development.

Aspen stepped in after the developer had become frustrated with another lender which was not moving their loan application forwards. The lender took a pragmatic approach and also used a no search indemnity to swiftly complete the deal.

In-line with Aspen’s one-person-per-case customer service philosophy, the case was taken from start-to-finish by Underwriter, Richard Tweddell and completed on the lender’s Stepped Rate starting at 0.65% over 12 months.

Jack Coombs, Director at Aspen Bridging, said: “We know a good developer and a quality project when we see one, and this is why we have the flexibility in our lending criteria to ensure we can move swiftly and decisively when an application lands that needs action.”

Aspen Bridging’s latest 2023 Rates & Product Card has Flat Rates, across all product types including heavy works, available at 0.89% plus one month’s exit at 80% LTV as well as 0.89% at 75% LTV and 0.85% at 65% LTV.

Stepped Rates start from 0.59% per month for the first six months across all product types and go up to 80% LTV.

Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.