Aspen raises LTVs on commercial products

Aspen Bridging has overhauled its commercial range by increasing the LTVs on a number of products.

Brokers can now access a 70% LTV on its commercial product and a 65% LTV on its commercial heavy refurbishment and redevelopment offering, with interest rates starting at 0.85% per month.

The products are available on Aspen’s high-tech, broker-quoting portal, which can also combine a residential LTV on one element of the property with a commercial LTV on the other to provide a higher blended LTV on semi-commercial properties.

Ed Ahrens, managing director of Aspen (pictured above), said: “This increase comes following a review of our offering on commercial and semi-commercial loans.

“We found that our approach needed revising to ensure that we are maintaining a fair approach to risk and reward across all areas of property lending, based on our assessment of the UK’s broadly favourable environment for commercial property.”

Solihull-based Aspen only requires fees to be paid per drawdown.

Earlier this month, the principal lender completed a £650,000 bridging loan in just four working days with Finance 4 Business.

Aspen’s deals are also available through Crystal Specialist Finance, with whom it partnered in April.

“The principal risk in commercial property rests in the difficulty of getting accurate valuations and this is an area in which we feel well covered, both by our strong panel relationships and our review-oriented approach,” added Jack Coombs, director at Aspen.

“Ultimately borrowers need access to leverage that reflects the real worth of their asset and be it for purchases, cash flow reasons, to refurbish or redevelop we believe there is strong and growing demand for commercial bridging products.”

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