Aspen launches 80% LTV Development Exit & Refurbishment product

08 February 2022

New product among several improvements to bridging offering.

A new Development Exit & Refurbishment product, with up to 80% LTV for experienced developers with clean credit, is one of several key changes to Aspen Bridging’s new 2022 rates and product card.

The 80% LTV offering is priced at 0.79% pm flat rate and from 0.39% on the lender’s stepped rate for loans between £400k - £3m net.

Aspen’s Commercial and Semi-Commercial products have also been refreshed and now operate on 180-day instead of 90-day values with LTV’s of 65% and 70% respectively both at 0.79% pm.

Similarly the lender’s HMO bridge has increased its maximum LTV to 75% at the same 0.79% pm rate as previously offered at 70% LTV.

Residential rates for foreign national applicants are now reduced by 0.05% to 0.74% pm at 75% LTV.

Across all Residential products, including refurbishment, the rates at 75% LTV has also been reduced by 0.05% to 0.69% pm for all loans over £2m net.

Aspen’s popular Stepped Rate continues to be available from 0.39% for the first six months and can be used across all products and LTVs.

Applications remain open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales up to a maximum loan size of £10m.

As part of the rate card changes a broadened credit spectrum has also been introduced which further considers work proportion and value alongside credit rating.

Jack Coombs, Director at Aspen Bridging, said: “Off the back of a record 2021 we have grown the team and enhanced the product offering as we look to continue our upwards trajectory.

“We are excited for 2022 and wish to convey our confidence and healthy lending appetite to the market, which will include another major product launch this month.”