Aspen Bridging has swiftly executed a £1.75m No Valuation facility in a mere 14 days, allowing an American foreign-national investor to secure their latest high-end London property.
The client was in urgent need of a solution to acquire their £7.5m purchase, a luxurious four-bedroom apartment in Kensington.
The 3,028 square foot property, set over three floors within a Victorian red-brick semi-detached mansion, features multiple reception rooms and a multi-tiered private garden.
To meet the client’s tight timeline, Aspen Bridging leveraged their unique No Valuation bridge product, which eliminates the need for a physical inspection, thereby accelerating the loan process. The underwriting was wrapped up within a week.
In parallel, Aspen employed their bespoke remote signing and witnessing agreements for international clients, ensuring the funds were available on the exact day the client needed them.
The deal, written on Aspen’s flat rate of 0.89%, was managed from start to finish by Saif Khalique, Aspen’s underwriting manager. The exit strategy on this 25% LTV deal involves refinancing onto a buy-to-let mortgage.
Perminder Ghataore of Finance House Solutions said: “Thanks to Aspen’s non-valuation product, we managed to secure a short-term lend for our UHNW client on very short notice, with underwriting completed within a week and full completion delivered on the day required.
From Initial Review with Ian Miller-Hawes through to underwriting and completion with Saif Khalique, we received excellent service, great communication, and delivery.”
Aspen Bridging offers stepped rates from 0.49% and flat rates from 0.84%, with a maximum loan size of £10m net, up to 75% LTV and terms ranging from six to 24 months. In 2022, the company launched two innovative products, Development Exit & Refurbishment and its award-winning Bridge-To-Let. Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.
