Aspen Bridging cuts bridging loan rates

By Bridging Loan Directory 23rd September 2024

Aspen Bridging has reduced its rates across the board by up to 60bps for all new applications as the lender targets a strong end to 2024.

Flat Rates now start from 0.85% per month, a decrease of 0.04%. Stepped rates have also fallen and are available from an initial 0.59% per month, a reduction of 0.06% moving onto 1.25% per month secondary.

Residential & Development Exit rates are available at 0.87% at 75% LTV and & 0.85% at 70% LTV, while the lender’s Refurbishment bridge begins at 0.89% at 80% LTV.

Aspen’s No Valuation product, which removes the need for physical inspection to speed up the loan process, has an increased LTV of 75%, up 5%, with rates now available from 0.89% having stood at 0.94% previously.

And the lender’s award-wining Bridge To Let product now starts with a servicing rate of 6.99%, previously 7.49%, plus 2% deferred as well as being opened up to foreign nationals and Refurbishment and Semi-Commercial loans.

Aspen has promised it will continue to offer brokers the flexibility to get even lower rates through subsidising deals.

Jack Coombs, Managing Director at Aspen Bridging, said:

“We are extremely positive about the outlook for the UK property market over the coming year and our parent company, S&U is fully committed to investing in the growth of our bridging and bridge to let lending in this exciting space.

As an equity-funded lender we remain truly agile in a competitive marketplace, which underpins our new rates which are skilfully supported by our best-in-class service proposition and our traditional USP’s of search indemnity, direct access to underwriters, no monitoring surveyors and docu-sign facilities.”