Aspen Bridging reduces bridging loan rates and doubles maximum loan size to £10m

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Jack Coombs Aspen Bridging

Aspen Bridging has cut rates across the majority of its product portfolio by 0.1%, while doubling its maximum loan size to £10m.

Prime Flat Rates start at 0.64% for Residential, 0.69% for Light Development, 0.74% for HMOs and 0.79% for Commercial. LTVs are available up to 75% with loan terms running from 10-18 months.

The lender’s popular Rapid Desktop Valuation bridge, which was launched in January and offers completion within a maximum of 10 working days, has been reduced to 0.74%. LTV has been increased to 70% from 65%.

Stepped Rates are now available from 0.39% for an initial six-month term on all products and LTVs, having stood at 0.44%.

The news follows Aspen’s recent announcement that it had lent £51.3m from April to June 2021, making it the best quarterly performance in the lender’s history. More than one-third of deals completed were over £1m in loan size.

Applications remain open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.

Jack Coombs, pictured, Director at Aspen Bridging, said:

“Our team at Aspen is committed to offering a best-in-class service based on time-based service targets to brokers and borrowers.

Increasing our loan sizes and offering competitive rates shows our positivity both about the excellent partnerships we have and the new ones we are forging.

Our recent quarterly performance was exceptional, and we believe we have the rate card and team in place to take the business onto greater heights.”