Aspen introduces 85% LTV refurbishment bridge and cuts rates - The Intermediary

Aspen has cut its residential bridging rate at 70% LTV by 0.60% to 0.69% per month. Aspen has launched its new 85% loan-to-value (LTV) day one refurbishment bridge, with drawdowns up to 75% loan-to-gross-development-value (LTGDV), available at 0.79% per month. The new product, which is also available on the lender’s No Valuation offering at 0.84% per month, includes heavy works and is specifically targeting developers. Aspen has simultaneously cut its residential bridging rate at 70% LTV by 0.60% to 0.69% per month. Additionally, on its 5-year Bridge-to-Let, Aspen has reduced its term rates by ).20% down to 6.79% per annum for UK borrowers and to 6.89% per annum for foreign nationals.