Aspen Bridging has completed a complex £2,815,000 Residential purchase loan for a foreign applicant who put forward four security properties to rapidly secure funds to buy a five-bedroom detached house in Woking, Surrey.
With the vendor threatening to pull the sale and a 75% LTV, the applicant offered his unencumbered buy-to-let property portfolio comprising apartments across London and East Sussex.
The deal was done in conjunction with the lender’s No Valuation product with RICS assessments on all properties performed in-house. Completion was further expedited through its remote DocuSign processes.
The deal was completed on Aspen’s Stepped Rate starting at 0.55% over 10 months. Exit will be achieved through refinance onto a buy-to-let mortgage.
In line with Aspen’s one-person-per-case customer service philosophy, the deal was taken from start to finish by Head of Underwriting, Saif Khalique.
“This case had several challenges with a short timeframe and a number of different assets across London and the South-East," said Saif, “With the borrower concerned about the cost of four separate valuations we made a joint decision to couple the Residential bridge with our in-house No Valuation product which ultimately saved the borrower time and money.”
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
