The Chinese applicant required a fast resolution to avoid losing their deposit, with the developer pushing for an immediate completion on the two-bedroom apartment near Tower Bridge.
Aspen offered an expedited solution to reduce the time required to get the deal completed, incorporating its newly established dual representation process with its no-valuation product.
The 75% LTV deal was completed on Aspen’s stepped rate on an initial 0.55% per month over a 10-month term. Exit will be realised through a BTL refinance.
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In the same week the lender also completed a £250,000 auction purchase loan on a house in Stechford, Birmingham in seven days.
This deal ensured the auction deadline was met and the borrower’s deposit was not forfeited.
Richard Coombs, director of operations at Aspen Bridging, said: “Our recently launched dual representation legal service is already proving its worth to our borrowers by creating a streamlined process that reduces the time needed to complete deals.
“The service with Lightfoots and Lawrence Stephens is now available in support of refinances, purchases and light refurbishment deals for both UK and foreign nationals, and will no doubt prove to be in high demand going forward with applicants requiring fast and effective finance solutions.”
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