Aspen launches development exit and refurb product

The product is available up to 80 per cent loan to value (LTV) for experienced developers with a clean credit record, is one of several changes made to Aspen Bridging’s range.

The offering is priced at 0.79 per cent per month flat rate and from 0.39 per cent on the lender’s stepped rate for loans between £400,000 to £3m net.

Aspen’s commercial and semi-commercial products have also been refreshed. They now operate on 180-day values, instead of 90-day, with LTVs of 65 per cent and 70 per cent respectively both at 0.79 per cent per month.

The maximum LTV on the lender’s homes in multiple occupancy (HMO) bridge product has increased to 75 per cent at the same 0.79 per cent per month rate as previously offered at 70 per cent LTV.

Residential rates for foreign national applicants have been reduced by 0.05 per cent to 0.74 per cent per month at 75 per cent LTV.

Across all residential products including refurbishment, the rates at 75 per cent LTV has also been cut by 0.05 per cent to 0.69 per cent for all loans over £2m.

Aspen’s stepped rate will remain available from 0.39 per cent 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.

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.

Jack Coombs (pictured), director at Aspen Bridging, 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.”