Bridging lender Aspen ensured completion of a £455,000 bridge in five days because its in-house monitoring team went on 200-mile round trip on the day of initial enquiry.
The borrower, a foreign national, urgently required funds to meet the developer’s purchase deadline on a new build four-bedroom house in Wokingham, Berkshire.
To meet the tight timeframe, Aspen proposed its No Valuation product and utilised its Docusign process.
The deal was completed at 70% LTV on Aspen’s Flat Rate at 0.89% over 10 months. Exit will be achieved through a buy-to-let mortgage.
Ian Miller-Hawes, sales director at Aspen Bridging, said: “This is yet another application where we have proven we will go above-and-beyond for our clients to meet their financial requirements.
“Each of our products are designed to perfectly address real-world lending scenarios and this is no different.
“Thanks to our growing reputation for good business in the foreign national space it is clear to see why we are witnessing a marked increase in applications from overseas investors, particularly having recently released aggressive rates that brokers have really embraced.”
