Aspen Bridging has reduced rates on all of its products by 60 basis points, while also reintroducing its 80% LTV development exit and refurb product.
These cuts mean its flat rate products are now available at 0.89% plus one month’s exit at 80% LTV; 0.89% at 75% LTV and at 0.85% at 65% LTV.
Aspen’s no valuation bridging product, designed to move from application to completion in 10 business days, is now available at 0.95% up to 70% LTV (up to £3m net).
Stepped rate are available from 0.49% per month. These are available up to 80% LTV for the first six months across all product types.
In addition the maximum loan size on Aspen’s bridge-to-let product has increased from £1m to £3m. This 60bps reduction means this is now available at 0.85% per month, followed by a BTL period at 6.99% pay rate, and an ICR of 100%.
Aspen accepts applications from both UK and overseas borrowers on an individual basis or corporate basis, but only for properties in England and Wales.
Aspen Bridging director Jack Coombs says that it FTSE-listed parent S&U is allocating substantial funding to support the company’s growth. He adds that these new rates “evidence to desire to be competitive and attract as much business as possible”.
He adds that to meet the forecast levels of applications the company has strengthened their team in the last six months to ensure service standards are maintained.
