Aspen cuts bridging loan rates by 60bps

By Bridging Loan Directory 24th May 2023

Aspen Bridging has launched its Summer 2023 rates & product card with interest rates dropped by 60 bps across the board and 80% LTV reintroduced on its development exit & refurb product.

Flat rates, across all product types including heavy works, are now available at 0.89% plus one month’s exit at 80% LTV, 0.89% at 75% LTV and 0.85% at 65% LTV.

The lender’s no valuation bridge, which is designed to move from application to completion in 10 business days, is now offered at 0.95% at 70% LTV, up to £3m net.

Stepped rates are now available from 0.49% per month and go right up to 80% LTV for the first six months across all product types.

Bridging loan sizes are available up to £10m net.

Additionally, Aspen’s award-winning bridge-to-let (BTL) product has had its maximum loan size increased by £2m up to £3m.

The initial bridging loan rate has been reduced 60 bps to 0.85% per month followed by a BTL period at 6.99% pay rate and an ICR of 100%.

Applications remain open to UK and overseas borrowers for individuals or corporate businesses for properties across England and Wales.

Jack Coombs, Director at Aspen Bridging, said:

“S&U PLC, our FTSE listed parent, is confidently allocating substantial funding to support our continued success in 2023 and beyond, and the rate card is evidence to our desire to be competitive and attract as much business as possible.

To meet the forecast levels of applications we have spent the last six months strengthening our team to ensure our service levels remain second-to-none, and we have expanded our office space by 50% to create the finest working environment.

We remain positive about the UK property market and we are here to deliver consistent and swift bridging to quality customers and projects.”