Aspen Bridging has officially launched its new Finish & Exit bridge product, which has been fine-tuned over the last three months to introduce several market-leading elements.
Top-line the product is available up to 80% LTV from day one with rates starting at 0.49% per calendar month. The term can run from eight to 12 months up to the lender’s maximum loan sizes of £4m net for portfolios and £2m net on single properties.
The finer selling points sit within the lending criteria itself. The product is available on wind and watertight developments, allowing drawdowns on revisit or building control sign-off, and will progress with no building surveyor required where works are sufficiently advanced as its underwriters will be present at valuation stage.
The product is also available throughout England and Wales with no restrictions on scheme type or works percentages, and is offered to both corporate and individual borrowers.
Aspen originally soft launched its Finish & Exit bridge to fine tune the product, with multiple projects now completed on including £862,500 on three newbuilds in Whitstable at 80% LTV, and £1,050,000 on four complex construction newbuilds in Canterbury at 75% LTV.
Jack Coombs, director at Aspen Bridging said: “We assessed the market and found lender criteria for such Finish & Exit bridges to be too restrictive. The demand is strong given the current environment of slower sales where development lenders are often requiring redemption earlier than developers are able to deliver.
“This new product places control back in the hands of the developer, and because of the close relationship we operate with every customer, including the prerequisite site visit, we can utilise our underwriters’ expertise to drop many barriers to entry. Add our high LTVs and service excellence and the product is truly compelling.”
In March, Aspen released their time-based service excellence targets which show that the company aims to take the majority of business from enquiry to completion in just three to 10 days.
Based on a number of caveats – which assumes immediate valuation and legal payment, no building surveyor, property access and quick response times from all parties – the decision is supported by figures showing 81% of cases are currently completed within 10 working days when the stipulations are met.