Aspen has launched a light development bridge and increased its maximum loan size to £5m net across its range.
Covering residential conversion schemes, finish and exit projects, structural works and extensions plus lighter refurbishments, the product is available up to 75per cent loan to value (LTV) with 100 per cent cost of works in arrears.
The product range is offered from 0.84 per cent per month on the lender’s flat rate or from 0.49 per cent initial on its stepped rate across 12-18 months and available to UK and overseas applicants, either individuals or corporates, for properties across England and Wales.
The lender has also increased its maximum loan size to £5m net, up from £3m.
Jack Coombs, director at Aspen Bridging (pictured) 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.”
He added: “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. We intend to hit the ground running in 2021.”
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.