The lender was introduced to the deal by one of its strategic partners – Finance 4 Business –  with the client looking to repay an existing bridging loan along with additional staged funding to complete the renovation work on an apartment.

The property had a complex ownership structure with third-party long leases and the deal needed to be completed within one week of instruction.

Aspen discussed the project fully with lawyers to ensure that the ownership structure could be overcome immediately.

Following the confirmation of this, the legal and valuation teams were instructed and the lender met with the client and valuer on site.

The valuer identified a building regulatory issue, which could have jeopardised the feasibility of the project.

However, Aspen worked with Finance 4 Business and a solution was found that met the borrowers’ requirements.

The lender provided the £150,000 loan at 75% LTV as well as an implemented drawdown facility for £30,000, so that the renovations could be completed.

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Aspen was able to fully underwrite a decision in principle within two hours, legals and valuers were instructed on the same day, and the client and valuer were met on site the next day to allow the deal to be completed within one week.

“Finance 4 Business understands our criteria and identifies which clients suit us,” said Jack Coombs, director at Aspen Bridging (pictured above).

“They entrusted Aspen to see this complex case through to completion, further demonstrating our excellent relationship.”

Dave Fathers, director of sales at Finance 4 Business, felt this was a prime case for Aspen.

“We evaluate each case fully to understand where they are best suited.

“With speed of the essence, we have an excellent strategic relationship with Jack and his team at Aspen and they produced again to complete this deal.”

Mr Wassall, the client, added that he couldn’t recommend Aspen more highly.

“Finance 4 Business put me in touch with Aspen and my experience with them also has been very positive and constructive.

“Aspen worked alongside our development every step of the way.

“They are very responsive and I look forward to doing more projects with them in the future."