The range includes a rate of 0.85% to 0.90% for unregulated bridging loans of up to 80% LTV residential and 70% LTV commercial. The lender will offer loans from £80,000 to £1m on any property across England and Wales and offers eight to 12 month loans for any purpose from purchases to redevelopments.
Aspen, a subsidiary of finance provider S&U, launched in February during a busy period for the market which saw the arrival of a number of new bridging lenders, including Elysium Bridging and Jonathan Samuels’ new venture Octane Capital. However, its director Jack Coombes says there is room for a lender with “strong funding”.
He said: “The market is clearly filling up with lenders but, as we have the benefit of both the strong funding support of a major low-geared PLC and also the ability to be entrepreneurial and give our underwriters decision-making power the plan is nothing less than for Aspen to grow to be a strong and lasting presence in the bridging market.”