Aspen Bridging has updated its Bridge-to-Let product with the launch of a 3-year hybrid offering.
Applicants can now opt for a nine-to-12 month bridge followed immediately by a 2-year Bridge-to-Let option.
The loan is fully underwritten upfront and uses one facility letter and one initial valuation for both elements.
The product was designed for foreign nationals, heavy refurbishments and semi-commercial borrowers who require both the flexibility of bridging, offering no requirement of UK footprint and full funding of heavy works projects, combined with the certainty of having a multi-year Bridge-to-Let thereafter.
The product is available with rates from 6.79% per annum with initial bridging rates from 0.79% per month.
Aspen is also offering the product using Docusign and no search indemnity to simplify the legal process.
The maximum loan size is £5m with loan-to-values (LTVs) of up to 80% and the product is available to fund projects and investment properties across England and Wales.
Jack Coombs (pictured), managing director at Aspen Bridging, said: “We are very positive that out new three-year Bridge-to-Let will appeal strongly both to foreign investors and also to UK developers as it offers them true bridging, such as lending without UK footprint and support for heavy works, combined with the certainty of BTL funding after the bridge.”
