aspen bridging

Aspen launches 80% LTV product and revamps bridging range

Aspen Bridging has introduced a new 80% LTV development exit and refurbishment product and has revised its existing bridging suite.

The new option — designed for experienced developers with clean credit — offers loans between £400,000 and £3m net and is available on both the lender’s flat rate at 0.79% pm and stepped rate from 0.39% pm.

Across its existing proposition, Aspen has reduced rates for all residential products at 75% LTV, including refurbishment, to 0.69% pm for loans over £2m net.

Residential rates for foreign national applicants have also been lowered to 0.74% pm at 75% LTV.

In addition, its commercial and semi-commercial products — available at 65% and 70% LTV respectively — have been refreshed and now operate on 180-day instead of 90-day values, both priced at 0.79% pm.

For its HMO bridging product, the lender has upped the maximum LTV to 75%, while keeping the same rate of 0.79% pm.

As part of the rate card changes, a broadened credit spectrum has also been introduced, which further considers work proportion and value alongside credit rating.

Aspen’s stepped rate continues to be available from 0.39% for the first six months and can be used across all products and LTVs.

Applications remain open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales up to a maximum loan size of £10m.

Jack Coombs, director at Aspen Bridging (pictured above), said: “Off the back of a record 2021, we have grown the team and enhanced the product offering as we look to continue our upwards trajectory.

“We are excited for 2022 and wish to convey our confidence and healthy lending appetite to the market, which will include another major product launch this month.”

Leave a comment