Aspen cuts rates and launches 80% LTV refurbishment bridge

Aspen Bridging has enhanced its refurbishment funding offering with reduced rates and increased LTVs.

The lender has cut its 80% heavy refurbishment product to 0.78% pm, a fall of 60 bps.

It has also enhanced no valuation refurbishment product to offer 80% LTV at 0.83% pm, which was previously only available at 75% LTV. 

Stepped rates are also reduced for both products and are available from 0.39% pm, a 50bps cut.

No valuation, which uses in-house surveyors to provide post valuation offers in 48 hours, is now available supporting refurbishment projects with no QS required.

In addition, these products are available with the lender's latest service improvements of docusign legals, no search indemnity and fund 100% of works using 48-hour drawdowns paid direct to borrowers.

Both products can come with fully underwritten one-year bridge-to-let as a development exit or a two-year bridge-to-let stabilisation period, both available at 6.49% pa.

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.”