Aspen launches 85% LTV day one Refurb product and cuts rates
Aspen has launched its new 85% LTV day one Refurbishment bridge, with drawdowns up to 75% LTGDV, available at 0.79% p/m.
The new product, which is also available on the lender’s No Valuation offering at 0.84% p/m, includes heavy works and is specifically targeting developers.
Aspen has simultaneously cut its Residential bridging rate at 70% LTV by 60bps to 0.69% p/m.
Additionally, on its award-winning five-year Bridge-to-Let, Aspen has reduced its term rates by 20bps down to 6.79% p/a for UK borrowers and to 6.89% p/a for foreign nationals.
With loan sizes from £150k up to £15m, Aspen has positioned itself as a leading provider of refurbishment finance for UK and overseas developers and property professionals.
By operating a unique in-house monitoring team, drawdowns are available to developers within 48 hours. The service removes the costs and delays associated with traditional quantity surveyors.
Jack Coombs, chief operating officer at FTSE-listed S&U PLC, parent company of Aspen, said: “We are committed to giving property professionals the flexibility, certainty and competitive pricing they need to move projects forward.
“By introducing 85% LTV day-one Refurbishment finance alongside rate reductions across our Bridge to Let and Residential bridging ranges, we’re strengthening our position as a leading specialist lender.”
Aspen’s product range includes Bridging, Ground Up Development and its award-winning Bridge-to-Let and No Valuation offerings.
Flat Rates start from 0.69% per month up to 85% LTV with Stepped Rates starting at 0.35% per month.