Specialist lender Aspen Bridging has opened its bridge-to-let offering to the full broker market following a pilot last year.
The product is available up to 80% LTV, with bridge rates starting at 0.64% per month and bridge-to-let rates of 4.49% per annum and is open to UK and foreign applicants, including first-time buyers, up to a maximum loan size of £10m.
Aspen is targeting borrowers undergoing heavy to medium works cases or HMO (House of multiple occupation) conversions (with 100% works funding available) and those seeking unrushed development exits (offering no bridge ERC or minimum interest).
Terms run for either 18 months or two years, which are split equally between the retained bridge initial period and the serviced bridge-to-let.
Once on the serviced bridge-to-let, the borrower has the time and the option to either refinance onto longer-term buy-to-let rates in the market or to sell without heavy ERCs.
Aspen director Jack Coombs says: “Having launched bridge-to-let as a pilot from October last year we are very excited to now be launching to the whole broker community.
“We believe we are filling a true gap in the market here and we are confident our new product will make up to 50% of our planned growth in 2022 and beyond.”
