A Chinese property professional has saved their £325,000 deposit on a new-build London penthouse after delays in their term finance application, due to a 12-day £1.9m bridging loan from Aspen.
The loan, which was completed at a flat rate of 0.89%pm with no fees over 12 months, was secured on the luxury property near Albert Embankment.
The businessperson started their term finance application during the COVID-19 outbreak, but delays meant they were in danger of losing the deposit they placed in 2018, so a quick drawdown was a critical.
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The business issued a fully-costed illustration within 15 minutes and a submitted post-search decision in principle (DIP) in one hour.
Legals and valuations were instructed the next day following authorisation from the broker, undertaking was then received same day.
Meetings where then undertaken by Facetime the following day to update the client on how best to ensure swift completion.
Harry Baker, credit manager at Aspen Bridging, said: “We are fast becoming the go-to bridging lender of choice for overseas borrowers having built up extensive expertise in foreign borrower transactions.
“COVID-19 is still causing disruption to normal practices, and this swift purchase would not be possible in the timescale without our agreed remote signing and witnessing agreements for international clients.”