Aspen has expanded its bridge-to-let range with the launch of a five-year semi-commercial product at up to 75% loan-to-value.
The lender said the new product is available for loans of up to £15 million net and is designed for investors and developers seeking a route from short-term finance into a longer-term term facility.
The semi-commercial proposition starts with a fixed bridging rate of 0.79% a month for up to 24 months, followed by a serviced period priced at 6.94% a year over one, two or three years.
Aspen said the new product can also make use of its no valuation process, alongside no searches, dual representation legals and remote legal completion, in a bid to shorten the overall process.
Across the wider bridge-to-let range, flat rates start from 0.69% and stepped rates from 0.35%, with a serviced period rate of 6.89% a year. The lender is also offering up to 80% loan-to-value for refurbishment and development exit cases during the initial bridging phase.
Aspen said all products in the range are available to UK and foreign nationals, including expats with no UK credit footprint.
The lender added that the facility is fully underwritten at the outset, using one facility letter and a single initial valuation across both the bridging and term elements.
Jack Coombs, chief operating officer at S&U PLC, parent company of Aspen, says: “A standalone semi-commercial product marks a natural progression of our bridge to let portfolio, and the leverage on offer will open up a whole new range of possibilities for investors and developers.”
“We are excited to launch our new five-year bridge to let and we are confident that the increased term and reduced rates will be welcomed by property investors, developers and their brokers.”
