Jack Coombs

Aspen launches light development product and increases max loan size

Aspen has introduced a new light development bridging product and enlarged its maximum loan size to £5m across its whole product range.

The new product covers residential conversion schemes, finish and exit projects, structural works and extensions, in addition to lighter refurbishments.

It is available up to 75% LTV from 0.84% per month on the lender’s flat rate, or from 0.49% initially on its stepped rate across 12-18 months, with 100% cost of works in arrears.

It is open to UK and overseas applicants, either individuals or corporates, for properties across England and Wales.

The lender upped its maximum loan size from £3m to £5m in order to widen its scope to match its lending appetite.

Jack Coombs, director at Aspen Bridging (pictured above) said: “We are excited about the light development product which will help meet the needs of UK developers by filling a genuine funding gap for smaller- to mid-sized heavy works and conversions projects, as well as stepping in to help complete new-build developments.

“Further raising the max loan size to £5m net is an additional signal to introducers of our growing appetite to lend across all our product ranges.

Despite lockdowns, we are fully set up for remote working and able to utilise physical and desktop valuations, offering integrated legal representation, video signature processes, and same-day pay-out facilities to complete deals quickly and efficiently.”

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