Aspen Bridging has vowed to continue lending through the coronavirus pandemic, with the company introducing desktop valuations to circumnavigate the surveying shutdown which poses a major obstacle for the specialist finance industry.
The company is accepting applications up to £1m net at a maximum 62.5% LTV for residential and residential light refurb projects.
Flat rates start at 0.89% with terms running from 12-14 months, with stepped rates starting at an initial 0.59% up to a maximum of 12 months.
Aspen will continue to supply a fully-costed quote in the first 15 minutes and will move from a submitted DIP to a post-search DIP in a maximum of three hours.
Continuing the practice of one person per case, an experienced underwriter will handle an application from start-to-finish and will visit the site as soon as possible. All meetings will be done by Facetime.
The lender’s legal partners will operate with full remote capacity and pay-out functions.
Jack Coombs, director at Aspen Bridging said: “The measures we have introduced, based around desktop valuations, will ensure that we can continue to lend while the market goes into lockdown.
“We have an extremely strong funding position through our parent company, and this enables us to be more flexible in our offering.
“A level of continuation is crucial for the bridging market, our broker partners and their customers, and we are doing our utmost to deliver certainty in uncertain times.”