The lender provided £325,000 on day one to complete the auction purchase of the property, while the remaining sum will fund the conversion of the three-storey commercial unit and office space into 14 studios, one- and two-bedroom apartments, for which the client received planning permission.
The deal, agreed at 65% LTV on day one and 70% LTGDV, was finalised on Aspen’s stepped rate, starting at 0.39% over 12 months, and the developer will exit through refinance.
The case was introduced to Aspen by UK Mortgage Specialists and was handled from start to finish by senior underwriter, Prabhat Talwar.
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Amir Din from UK Mortgage Specialists said: “Having built an excellent relationship with Aspen I trusted them with this auction case knowing that they would deliver in time for the borrower.
“Having a dedicated underwriter from start to finish made the process really time efficient on such a time-sensitive case.”
Jack Coombs, director at Aspen Bridging, added: “It’s great to be trusted once again by our intermediary partners for an auction purchase.
“From day one we understood exactly what the client required and achieved this within the timeframe.
“Bridging should be quick, without taking unnecessary risks, and we have proved once again we are the lender to rely upon.”
Throughout September, Aspen saw 50% of new loans completed within 20 days and 67% in under 30 days of initial application, lower than the average completion time for Q2 2021 of 47 days revealed by the latest Bridging Trends figures.