The developer used a property consisting of seven apartments in Wandsworth, London worth £3.775m, as security.
Aspen has completed a £2.734m bridge on its No Valuation product for an applicant wanting to redeem a development loan and refurbish additional properties.
The developer used a property consisting of seven apartments in Wandsworth, London worth £3.775m, as security, giving a loan-to-value (LTV) of 72.5%.
The bridge was completed on the lender’s Stepped Rate, which starts at 0.39%, taken over a 10-month term, with the developer exiting through the sale of existing assets.
Aspen’s No Valuation bridge uses a remote internal valuation assessment which removes the need for physical inspection.
Available at quote stage up to 70% LTV for residential and 65% for commercial applications, rates start from 0.39% Stepped and 0.74% Flat for loans of up to £3m net.
The No Valuation product is designed to reach completion within a maximum of 10 working days.
The case was handled by Saif Khalique, senior underwriter at Aspen, who overcame complex structuring where freeholds and leases of several properties were held in different corporates, and in some cases personal names, to enable the deal to proceed as one simultaneous facility.
Ian Miller-Hawes, head of sales at Aspen Bridging, said: “Since its launch at the start of September, the No Valuation product has proven to be extremely popular as it removes one of the biggest obstacles in ensuring a speedy completion.”
Michael Perry at Alexander Hall, added: “Dealing with Ian and Saif has been amazing.
"There was a number of challenges throughout the process and they kept myself and the client updated all the time and couldn’t have been more helpful. I’m looking forward to using Aspen again.”