Aspen Bridging increases maximum LTV and loan amounts
Aspen is continuing to lead the bridging market’s response to the coronavirus pandemic by increasing its maximum LTV to 75%, raising its top loan amount to £3m net and by utilising both physical and desktop valuations.
In its new rate card, the lender’s Flat and Stepped Rate Products include residential and light refurbishment, residential and medium refurbishment, HMOs, prime semi-commercial and prime commercial property.
In-line with previous practice, an experienced underwriter will visit each property and either meet the client in person or via facetime.
Aspen will also lend on residential properties for loans up to £1m net and a maximum 75% LTV using desktop valuations where needed to ensure a reliable and speedy service.
All Flat Rate Products are offered at 0.89%, with terms running from 12 to 14 months.
The company’s Stepped Rate Products carries an initial rate of 0.59% for six to 12 month terms.
Both products are available to both UK and foreign borrowers.
Throughout the coronavirus pandemic, Aspen was one of the only bridging lenders to continue to serve both new and existing applications, one of the first to introduce desktop valuations.
The company has continued to strive to meet its Time-Based Service Excellence Targets, which aim to take the majority of applications from enquiry to completion in just three to 10 days.
Jack Coombs, director at Aspen Bridging said: “During the crisis we stayed true to our bridging market commitments, a decision which was warmly welcomed by the broker community and as such applications have continued to be submitted at exceptionally good levels.
“Our new rate card takes our commitment still further, with the upper 75% LTV and £3m maximum net loan amount among the best in the market.
“We have also learnt how to further streamline our processes during lockdown, and that is why physical and desktop valuations will continue to be utilised, which mark another exciting step forward. Everything we do is based around service, and we will do whatever is necessary to be the best in the market.”