The lender was introduced to the client – an experienced professional landlord and international entrepreneur – by ECS.

The client needed a bridging loan on a buy-to-let (BTL) property due to a difficult tenant falling behind on rent.

This resulted in the client defaulting on the mortgage and looking to refinance.

When explaining the deal to Apsen, ECS highlighted a number of issues with the deal:

1. had poor credit due to BTL mortgage issues
2. needed to get the maximum possible LTV for capital raise and refinance
3. required a fast turnaround time to avoid repossession
4. viable sale period needed to achieve a competitive price.

Aspen immediately underwrote the case and found that the client could obtain the funds needed for the refinance and capital raise via the maximum LTV possible.

•   Aspen provides £540,000 loan at 80% LTV
•   BloomSmith completes £1m VAT facility
•   Mint completes complex bridge in five days

The lender booked in the valuation and were at the property with the valuer the following day.

Aspen also managed to complete the borrower interview and an action plan to move the project forward within 48 hours, as well as initiating legal requisitions concurrently.

Aspen provided the £693,750 bridging facility at 75% LTV for a loan term of 10 months.

This allowed the client to refinance the property within seven working days and begin the sale process on her own terms as well as raise capital for her business quickly.

“It is gratifying to see our combination of property visits and high-tech processes work well to the benefit of our speed-sensitive clients,” said Arthur Cole-Fontayn, assistant loans manager at Aspen.

Ian Battersby, managing director at ECS, added: “Aspen and Arthur were impressive from the start, they delivered what was promised and completed without any issues.

“All in all, Aspen [is] a lot faster and more ‘can-do’ than any other lenders I have dealt with.”