ASPEN’S FIVE-DAY BRIDGE SAVES TURKISH PROPERTY PROFESSIONAL’S APARTMENT DEPOSIT

24 June 2024

An overseas property professional managed to save their deposit on a newbuild apartment in London after Aspen Bridging turned around a £255k No Valuation loan in just five days.

The Turkish client was in the process of purchasing the one-bedroom flat in North Acton, when delays in the buy-to-let mortgage application suddenly resulted in the applicant being issued with a notice-to-complete.

The introducer, Knight Frank Finance contacted Aspen who proposed their specially-developed urgent transaction bridge and proceeded to instruct legals on day one. To ensure the deadline was met the lender then used their bespoke remote signing and witnessing agreements for international clients.

In line with Aspen’s one-person-per-case customer service philosophy, the deal was taken from start-to-finish by Underwriter, Wasif Khan and completed at 60% LTV on the lender’s Flat Rate at 0.89% over 12 months. Exit will be through refinance onto a Buy-To-Let mortgage.

George Jones, Associate at Knight Frank Finance, said: “It was superb work by Wasif and Aspen’s BDM, Mike [Allen] to get this deal over-the-line from start-to-finish in five working days.

“The case was complex due to a combination of the client residing in a high-risk jurisdiction and the asset and income type, however the lender’s common-sense based commercial approach along with their speed and technology allowed for the deliverance of a great outcome for the client.”

Aspen Bridging’s 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 0.85% at 75% LTV and 0.85% at 65% LTV.

Stepped Rates start from 0.49% per month for the first six months across all product types and are available 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.