The facility was provided after delays in a BTL mortgage application for the purchase of a one-bedroom flat in Acton meant the applicant was issued with a notice-to-complete.
The overseas property professional was able to save their deposit due to the facility.
The deal was taken from start-to-finish by underwriter, Wasif Khan, and completed at 60% LTV on the lender’s flat rate at 0.89% over 12 months, while exit will be through refinance onto a BTL mortgage.
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The loan was introduced to Aspen by Knight Frank Finance.
George Jones, associate at Knight Frank Finance, said: “It was superb work by Wasif and Aspen’s BDM, Mike [Allen] to get this deal over-the-line from start-to-finish in five working days.
“The case was complex due to a combination of the client residing in a high-risk jurisdiction and the asset and income type, however the lender’s common-sense based commercial approach along with their speed and technology allowed for the deliverance of a great outcome for the client.”
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