Aspen Bridging has completed its first dual representation legal service No Valuation deals, starting with a £700,000 bridge for a foreign national’s newbuild purchase delivered in just 10 days.
The Chinese applicant required a fast resolution to acquire a two-bedroom apartment in Tower Bridge or risked losing their deposit, with the developer pushing for an immediate completion.
Aspen offered an expediated solution to dramatically reduce the time required to get the deal completed, incorporating their newly established dual representation process with their award-winning No-Valuation product.
The 75% loan-to-value (LTV) deal was completed on Aspen’s stepped rate on an initial 0.55% per month over a 10-month term.
Exit will be realised through a buy-to-let refinance.
In the same week the lender also completed a £250,000 auction purchase loan on a house in Stretford, Birmingham in just seven days.
This deal ensured the auction deadline was met and the borrower’s deposit was not forfeited.
Richard Coombs, director of operations at Aspen Bridging, said: “Our recently launched dual representation legal service is already proving its worth to our borrowers by creating a streamlined process that reduces the time we can complete deals.
“Paired with our award-winning No Valuation product we have curated a process that is unrivalled in the industry in terms of speed, simplicity and cost.
“The service with Lightfoots and Lawrence Stephens is now available in support of refinances, purchases and light refurbishment deals for both UK and foreign nationals, and will no doubt prove to be in high demand going forwards with applicants requiring fast and effective finance solutions.”
