“Our recently launched dual representation legal service is already proving its worth to our borrowers by creating a streamlined process that reduces the time we can complete deals”
– Richard Coombs – Aspen Bridging
Aspen Bridging has announced that it has completed its first dual representation legal service no valuation deals, starting with a £700k bridge for a foreign national’s newbuild purchase delivered in just 10 days.
The Chinese applicant needed a quick resolution to acquire a two-bedroom apartment near Tower Bridge, or they risked losing their deposit, with the developer pressing for immediate completion.
Aspen introduced an expedited process that significantly reduced the time required to close the deal, combining its newly established dual representation approach with its No Valuation product.
The 75% LTV transaction was completed on Aspen’s stepped rate, starting at 0.55% per month over a 10-month term. The exit strategy will be achieved through a buy-to-let refinance.
In the same week, the lender also completed a £250k auction purchase loan for a house in Stretford, Birmingham, in just seven days. This ensured the auction deadline was met and the borrower’s deposit remained secure.
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 we can complete deals. Paired with our award-winning No Valuation product, we have curated a process that is unrivalled in the industry in terms of speed, simplicity and cost.”
“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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