Aspen launches five-year semi-commercial bridge-to-let

Aspen has expanded its bridge-to-let offering with the launch of a 75% LTV five-year semi-commercial product.

Bridging rates start at a fixed 0.79% pm for a period of up to 24 months, followed by 6.94% pa over one, two or three years for the serviced period.

The rates and leverage are being offered up to £15m net and brokers and their clients can utilise Aspen's no valuation process in addition to no searches and dual representation legals.

Across the bridge-to-let product portfolio, flat rates start at from 0.69% and stepped rates from 0.35%, with 6.89% pa during the serviced period. Up to 80% LTV is available for refurbishment and development exit during the initial bridging phase.

All products are available to UK and foreign nationals, including expats with no credit footprint. The service is further expeditated by remote legals.

The loan is fully underwritten upfront and uses one facility letter and a single initial valuation for both elements.

Jack Coombs, chief operating officer at S&U, parent company of Aspen, said: “A standalone semi-commercial product marks a natural progression of our bridge-to-let portfolio, and the leverage on offer will open up a whole new range of possibilities for investors and developers.

"We are excited to launch our new five-year bridge-to-let and we are confident that the increased term and reduced rates will be welcomed by property investors, developers and their brokers.”