Jack Coombs, director at Aspen Bridging, said: “Off the back of a record 2021 we have grown the team and enhanced the product offering as we look to continue our upwards trajectory."
As part of a series of changes to its 2022 rates and products, Aspen Bridging has launched a development exit and refurb product, up to 80% loan-to-value (LTV) for developers with clean credit.
The 80% LTV offering is priced at 0.79% pm flat rate and from 0.39% on the lender’s stepped rate for loans between £400,000 and £3m net.
Aspen has also refreshed its commercial and semi-commercial products, operating on 180-day instead of 90-day values, with LTVs of 65% and 70% respectively, both at 0.79% pm.
Similarly the lender has increased the maximum LTV for house in multiple occupation (HMO) bridges to 75%, at the same 0.79% pm rate as previously offered at 70% LTV.
Residential rates for foreign national applicants are now reduced by 0.05% to 0.74% pm at 75% LTV.
Across all residential products, including refurbishment, the rates at 75% LTV has also been reduced by 0.05% to 0.69% pm for all loans over £2m net.
Aspen’s stepped rate continues to be available from 0.39% for the first six months and can be used across all products and LTVs.
Applications remain open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales up to a maximum loan size of £10m.
As part of the rate card changes, a broadened credit spectrum has also been introduced which further considers work proportion and value alongside credit rating.
Jack Coombs (pictured), director at Aspen Bridging, said: “Off the back of a record 2021 we have grown the team and enhanced the product offering as we look to continue our upwards trajectory.
“We are excited for 2022 and wish to convey our confidence and healthy lending appetite to the market, which will include another major product launch this month.”
