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.”