Aspen Bridging adopts 0.64% starting fixed rate after September promotion success
Aspen Bridging will indefinitely offer fixed rates from 0.64% for prime residential purchase and refinance deals up to 70% LTV following a surge in applications prompted by September’s ‘Lend a Hand’ offer.
Offering a reduction of 5bps, the move saw applications increase by 32% against August, and by 36% based on September last year.
In addition September saw the lender continue to set the benchmark for completions with 50% of new loans completed within 20 days, and 67% in under 30 days, of initial application. According to the latest Bridging Trends figures, in the second quarter of 2021 the market average stood at 47 days.
Aspen’s ratecard also offers 75% LTV for residential & light refurbishment with rates of 0.69%.
Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales up to a maximum loan size of £10m.
“This has placed us among some of the most competitive lenders, however our main differentiation remains our timed service proposition which ensures deals will be completed as efficiently as claimed,” said Jack Coombs, Director at Aspen Bridging.
“Brokers know this, which is why we saw a surge in demand in time with the September rates offer and which is why, following this good response, we will maintain this rate going forwards.”