Rate reductions have been made to Aspen Bridging’s heavy refurbishment product, which has gone down by 0.6% to 0.78% per month. This is available at 80% LTV.
The lender has also reduced its stepped rates by 0.5%, with pricing now starting at 0.39% per month.
In addition, Aspen Bridging has launched an 80% LTV option to its no-valuation refurbishment product, raising the maximum LTV from 75%.
This range uses in-house surveyors to provide post-valuation offers in 48 hours for refurbishment projects.
These products are available with the lender’s recent service improvements of DocuSign legals, no search indemnity and funding 100% of works using 48-hour drawdowns paid direct to borrowers.
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Both products can come with fully underwritten one-year bridge to let (BTL) as a development exit, or a two-year BTL stabilisation period, both available at 6.49% per annum.
Jack Coombs (pictured), managing director of Aspen Bridging, said: “We are determined to provide a best-in-class product and service in the heavy refurbishment space, and with these enhancements, I am confident we are ideally placed to meet developers’ needs.”
Earlier this year, the firm cut rates by up to 0.72% and added a larger loan offering.
