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% loan-to-value (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.
Khalique said: “This case had several challenges with a short timeframe and a number of different assets across London and the South-East.
“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.”
