Aspen Bridging has cut rates and increased loan-to-values (LTVs) on its refurbishment products, aiming to support UK developers with improved funding options.
The lender dropped the rate on its 80% heavy refurbishment product to 0.78% per month, down 0.6%.
The no valuation refurbishment product now offers 80% LTV at 0.83% per month, previously only available at 75% LTV.
Stepped rates for both products have also been reduced by 0.5%, now starting from 0.39% per month.
The no valuation product, which relies on in-house surveyors and delivers post-valuation offers within 48 hours, now supports refurbishment projects without needing a quantity surveyor.
Aspen Bridging has also improved its service, introducing docusign legals, no search indemnity, and 100% funding of works with 48-hour drawdowns paid directly to borrowers.
Both products can include a fully underwritten one-year bridge to let as a development exit or a two-year buy-to-let (BTL) stabilisation period, both at 6.49% per year.
Jack Coombs (pictured), managing director at 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.”
