Aspen launches 85% LTV day one refurbishment bridge and cuts rates

Aspen has launched a new 85% LTV day one refurbishment bridge, with drawdowns up to 75% LTGDV, available at 0.79% p/m.

The new product, which is also available on the lender’s no valuation offering at 0.84% p/m, includes heavy works and is specifically targeting developers.

Aspen has simultaneously cut its residential bridging rate at 70% LTV by 60bps to 0.69% p/m.

Additionally, its five-year bridge-to-let product has seen rates reduce by 20bps to 6.79% p/a for UK borrowers and to 6.89% p/a for foreign nationals.

Aspen offers loan sizes from £150,000 up to £15m and operates an in-house monitoring team, with drawdowns available to developers within 48 hours.

Jack Coombs, chief operating officer at S&U, parent company of Aspen, said: “We are committed to giving property professionals the flexibility, certainty and competitive pricing they need to move projects forward.

“By introducing 85% LTV day-one refurbishment finance alongside rate reductions across our bridge-to-let and residential bridging ranges, we’re strengthening our position as a leading specialist lender.”