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

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.