The product is available at up to 80% loan-to-value (LTV) from day one with rates starting at 0.49% per calendar month.
It can run from eight to 12 months and is valid up to the lender’s maximum loan sizes of £4m net for portfolios and £2m net on single properties.
The product is available on wind and watertight developments, allowing drawdowns on revisit or building control sign-off, and will progress with no building surveyor required where works are sufficiently advanced as its underwriters will be present at valuation stage.
There are no restrictions on scheme type or works percentages, and it is offered to both corporate and individual borrowers throughout England and Wales.
‘Drop barriers to entry’
Aspen originally soft launched the product and has completed on several projects including £862,500 on three new builds in Whitstable at 80% LTV, and £1,050,000 on four complex construction new builds in Canterbury at 75% LTV.
Aspen Bridging director Jack Coombs said: “We assessed the market and found lender criteria for such finish and exit bridges to be too restrictive.
“The demand is strong given the current environment of slower sales where development lenders are often requiring redemption earlier than developers are able to deliver.”
Coombs added that because of the close relationship with every customer, including the prerequisite site visit, it could use underwriters’ expertise to drop many barriers to entry.