When the five-bedroom property became available, the borrower had to purchase quickly to beat other interested parties.
In line with Aspen’s one-person-per-case customer service philosophy, the deal was handled by credit manager Sinead McMurray, who used the lender’s in-house surveyors to provide a post-valuation offer in just 48 hours.
The 75% LTV deal was completed on Aspen’s stepped rate on an initial 0.49% per month over a 10-month term.
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Exit will be achieved once a BTL product has been sourced, with the borrower adding the house to their investment portfolio.
Mike Allen, bridging BDM for London and the East of England at Aspen, commented: “Our equity-funded position enables us to take a pragmatic approach to risk, particularly when working with experienced borrowers with whom we have established relationships.
“This approach allows us to streamline applications, focus on the issues that truly matter and complete transactions with exceptional speed.
“This particular case is textbook bridging as a quick, clean and effective financial solution.”
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