Rates start from 0.49% per month, with terms from eight to 12 months.
The product is available in England and Wales at up to 80% LTV on wind and watertight developments, allowing drawdowns on revisit or building control sign-off.
The maximum loan size is £4m net for portfolios and £2m net on single properties.
The bridging lender’s underwriters will be present at the valuation stage and, as a result, it will progress with no building surveyor required where works are sufficiently advanced.
There are no restrictions on scheme type or works percentages, and the product is available to both corporate and individual borrowers.
Aspen soft launched the product over the past three months to fine tune it.
- Aspen helps borrower avoid receivership with five-day bridge
- Aspen Bridging increases max loan sizes
- Just Cash Flow appoints former White Oak head
It now has multiple projects completed, including:
- £862,500 on three new builds in Whitstable at 80% LTV
- £1.05m on four construction new builds in Canterbury at 75% LTV
Jack Coombs, director at Aspen Bridging (pictured above), said: “We assessed the market and found lender criteria for such finish and exit bridges to be too restrictive.
“The demand is strong given the current environment of slower sales, where development lenders are often requiring redemption earlier than developers are able to deliver.
“This new product places control back in the hands of the developer, and because of the close relationship we operate with every customer — including the prerequisite site visit — we can utilise our underwriters’ expertise to drop many barriers to entry.
“Add our high LTVs and service excellence, and the product is truly compelling.”