Specialist lender Aspen Bridging has announced its Summer 2023 Rates & Product Card, featuring significant rate reductions and enhanced loan-to-value (LTV) options.
As part of the update, Aspen Bridging has lowered its rates by 0.60% across all product types. The revised rates include flat rates of 0.89% plus one month’s exit at 80% LTV, 0.89% at 75% LTV, and 0.85% at 65% LTV. This adjustment enables borrowers to access financing at more affordable rates for their projects.
The lender has also reintroduced the 80% LTV option for its Development Exit & Refurb product. This higher LTV allows borrowers to secure bridging loans with a greater proportion of the property’s value, facilitating their development or refurbishment plans.
Aspen Bridging’s No Valuation bridge, designed for expedited completion within 10 business days, now offers financing at 0.95% at 70% LTV, up to a net loan amount of £3m.
In addition to the rate reductions and increased LTV, Aspen Bridging has expanded its bridging loan sizes, now offering loans up to £10m net. This expanded loan size provides borrowers with greater flexibility and access to larger funding amounts for their property projects.
Furthermore, Aspen’s Bridge-To-Let (BTL) product has undergone enhancements, including a £2m increase in the maximum loan size, now up to £3m. The initial bridge rate for the BTL product has been reduced by 0.60% to 0.85% per month. The product also offers a BTL period at a pay rate of 6.99% and an interest coverage ratio (ICR) of 100%.
Applications for Aspen Bridging’s financing solutions remain open to both UK and overseas borrowers, catering to individuals or corporate businesses interested in properties across England and Wales.
Jack Coombs (pictured), director at Aspen Bridging, said: “S&U PLC, our FTSE listed parent, is 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.
“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% 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.”
