Aspen has expanded its refurbishment finance range with a new bridging product offering up to 85% loan-to-value (LTV) on day one, alongside rate reductions across its residential bridging and Bridge-to-Let products.
The new refurbishment facility is priced at 0.79% per month, with drawdowns available up to 75% of loan-to-gross-development-value (LTGDV). It is aimed at property developers and can be used to finance heavy refurbishment works.
The product is also available through Aspen’s No Valuation offering, with a monthly rate of 0.84%.
The lender has made a further reduction to its residential bridging range, cutting the rate on its 70% LTV product by 60 basis points to 0.69% per month.
Meanwhile, rates on Aspen’s five-year Bridge-to-Let product have fallen by 20 basis points, bringing annual rates down to 6.79% for UK borrowers and 6.89% for foreign nationals.
REFURBISHMENT FUNDING
Aspen offers facilities ranging from £150,000 to £15 million, with its refurbishment finance available to UK and overseas developers and property professionals.
The lender uses an in-house monitoring team to oversee refurbishment projects, rather than relying on external quantity surveyors. According to Aspen, this enables developers to access subsequent drawdowns within 48 hours while avoiding some of the costs associated with traditional monitoring arrangements.
Jack Coombs (pictured), chief operating officer at Aspen’s FTSE-listed parent company S&U PLC, says: “We are committed to giving property professionals the flexibility, certainty and competitive pricing they need to move projects forward.
“By introducing 85% LTV day-one Refurbishment finance alongside rate reductions across our Bridge to Let and Residential bridging ranges, we’re strengthening our position as a leading specialist lender.”
