Ed Ahrens

Aspen Bridging launches new refurbishment products

Bridging lender Aspen has launched a new range of tiered refurbishment products offering higher LTVs and greater funding certainty.

The company will now pledge funding at the outset, offering set opening rates of 0.85% for residential and 0.90% for commercial across all LTVs.

The move follows strong demand for the funding of build costs and for higher LTV refurbishment loans.

The full list of tiered products includes:

•    Light refurbishment up to 80% LTV
•    Medium refurbishment up to 75% LTV, plus funding of up to 100% of build costs
•    Heavy refurbishment up to 70% LTV, plus funding of up to 100% of build costs
•    Commercial refurbishment up to 65% LTV, plus funding of up to 100% of build costs.

“We will work out right at the beginning exactly what we can do for your client,” said Ed Ahrens, managing director at Aspen (pictured above).

“We will not stop funding build works mid-way through, unless those works have simply not been done.”

Aspen provides funds via a drawdown facility in order to save the customer interest until the money is needed.

Arrangement fees are only taken at the point of drawdown so the customer only pays for funds deployed.

“At Aspen, we are also flexible in our approach and treat each case individually,” added Ed.

“In a recent case, we treated a heavy refurbishment on a 75% LTV basis in addition to offering to fund works, as the property was particularly appealing to us.”

Aspen considers light refurbishment to be for works up to whichever is the higher of 15% of the property value or £25,000.

Medium refurbishment is for works which are up to the larger out of 25% of the property value or £35,000.

Heavy and commercial refurbishment includes projects with build costs well over the medium criteria, as well as projects with planning, substantial redevelopments and extensions.

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