Borrowers can draw funds down up to 75% of the loan to gross development value (LTGDV). The deal is priced at 0.79% per month.
The bridging loan, which is also available on the lender’s no-valuation offering at 0.84% per month, includes heavy works and is specifically targeted at developers.
At the same time, the lender has lowered its 70% LTV residential bridging rate by 60 basis points (bps) to 0.69% per month while cutting its five-year bridge-to-let term rate by 20bps to 6.79% per year for UK borrowers and 6.89% for foreign nationals.
Loan sizes range from £150,000 to £15m.
Jack Coombs (pictured), chief operating officer at S&U plc, Aspen’s parent company, said: “We are committed to giving property professionals the flexibility, certainty and competitive pricing they need to move projects forward.”
Episode 4: New Build: Powered by Partnership podcast from Newcastle for Intermediaries
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Last month, the firm announced it had surpassed £1bn in lending.
