Aspen Bridging maintains starting interest rates at 0.45%

Aspen Bridging will continue to offer a starting interest rate of 0.45% up to 80% loan-to-value as the business looks to capitalise on record summer and autumn periods.

The company, which initially announced the rate in July as part of its ‘summer special’ promotion, having previously stood at 0.49%, is currently on track to double its loan book this year compared against the previous 12 months.

Jack Coombs, director at Aspen Bridging said: “Since the summer the market has remained very aggressive, and to maintain our pipeline of business we need to continue to lead from the front.

“While many other lenders may use a low interest rate to ‘open the door’ to an applicant before increasing the figure during the process, we can comfortably say that all of our completed applications since July that are applicable to receive 0.45% do indeed drawdown at the advertised level.

“This is because our procedures from day one are extremely robust. Our service goes further than any other lender by offering one person per case, quick and accurate quotations, site visits from an experienced underwriter to every property at valuation stage and completions as fast as any in the industry.”

Aspen’s 0.45% rate remains available across all its first and second charge unregulated residential and commercial products regardless of loan-to-value (LTV), loan term, property type and loan purpose.

The business has been very active this year in maintaining its strong product offering with maximum loan sizes increased up to £4m net for portfolios and £2m net on single properties and the launch of flexible loan extensions.

The company also revealed its time-based service excellence targets, which show that the business aims to take the majority of applications from enquiry to completion in just three to 10 days.