Aspen cuts rates by up to 0.6 per cent and brings back 80 per cent LTV tier

Flat rates, across all product types including heavy works, start at 0.89 per cent plus one month’s exit at 80 per cent LTV.

The rate is 0.89 per cent at 75 per cent LTV and 0.85 per cent at 65 per cent LTV.

The firm’s no valuation bridge, which aims to move from application to completion in 10 days, has a rate of 0.95 per cent at 70 per cent LTV. It is available up to £3m net.

Stepped rates start at 0.49 per cent per month and go up to 80 per cent LTV for the first six months for all product types.

Bridging loan sizes are available up to £10m net.

The lender’s bridge-to-let product’s maximum loans size has gone from £2m to £3m and the initial bridge rate stands at 0.85 per cent per month followed by a buy-to-let period at 6.99 per cent pay rate and an interest coverage ratio of 100 per cent.

Jack Coombs, director at Aspen Bridging, said that its parent company, S&U PLC, was “confidently allocating substantial funding to support our continued success in 2023 and beyond, and the rate card is evidence to our desire to be competitive and attract as much business as possible”.

He continued: “To meet the forecast levels of applications we have spent the last six months strengthening our team to ensure our service levels remain second-to-none, and we have expanded our office space by 50 per cent to create the finest working environment.

“We remain positive about the UK property market and we are here to deliver consistent and swift bridging to quality customers and projects.”