Aspen Bridging enters bridge-to-let market
Aspen Bridging has entered the bridge-to-let market.
"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."
Available up to 80% LTV, with bridge rates starting at 0.64% pm and bridge-to-let rates of 4.49% pa, the product is open to UK and foreign applicants, including first-time buyers, up to a maximum loan size of £10m.
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.
Aspen is targeting several key borrower types including those undergoing heavy to medium works cases or HMO conversions (with 100% works funding available) and those seeking unrushed development exits (offering no bridge ERC or minimum interest).
The product gives borrowers flexibility to transfer onto the cheaper bridge-to-let phase after month seven or to extend the bridge if required meaning the loan can react to how long a works project takes to complete.
Additionally, once on the serviced bridge-to-let, the borrower has the option to either refinance onto a buy-to-let rate or to sell without heavy ERCs.
Jack Coombs, Director at Aspen Bridging, said: “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.”
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