Aspen integrated legal partner steps in to save client's £32k deposit
An Aspen Bridging integrated legal partner, Ola Leslie Solicitors stepped in at the eleventh hour to ensure a client completed their bridge in 10 days to save their £32k deposit.
The developer, who had secured a three-bedroom terraced house in South East London for full refurbishment, had chosen to use his own legal representation but as time ran out on the Notice To Complete they contacted the lender and asked for assistance.
The business recommended Ayesha Yunus at Ola Leslie Solicitors who completed all legal requirements immediately in conjunction with Aspen’s representative, Leigh Haigh at FieldFisher LLP .
At the outset of the application Saif Khalique, Senior Underwriter at Aspen had utilised the business’s new Rapid Desktop Valuation bridge given the immediate requirement to realise funds.
The £232,700, 73% LTV facility was completed on a 10-month term on a stepped rate starting at 0.54% per month.
Khalique said: “When speed is of the essence it is essential for a client to have legal representation that understands bridging finance, otherwise in nine cases out of ten there will be unnecessary delays.
“With our new Rapid Desktop Valuation product we include integrated legals contact and fees, a specialist borrower solicitor service integrated with our own legal firm to maximise speed whilst offering independent advice. Of course borrowers can still opt to use their own representation if desired.”
Aspen recently revamped its 2021 ratecard offering with its Stepped Rate cut to 0.44% and its Flat Rate reduced to 0.74%. They are immediately available across all products up to a maximum loan size of £5m net and 75% LTV across 6-18 months.
The Rapid Desktop Valuation bridging product was introduced so cases can be completed in as little as two working days, and a new Light Development product is available up to 75% LTV with 100% cost of works in arrears.
Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.
Published: 25 March 2021