Aspen Bridging has completed its first case at the reintroduced 80% LTV on its development exit and refurb product, following the launch of its new summer 2023 rates and product card.

The £457,000 facility provided the borrower 80% LTV on completion to assist with the purchase of the property and made available a further £75,000 on drawdown, representing 100% of the works costs.

It took just under three weeks for the loan to complete from the initial enquiry and it will be used to renovate a three-bedroom semi-detached house in Harrow into a four-bedroom HMO.

Completed by Aspen’s stepped rate product, the deal started at 0.65% over a 10-month term, and exit will be achieved through sale of the property. The application was taken from start-to-finish by underwriter, Sinead McMurray who joined the business in May 2022 through the lender’s graduate recruitment scheme.

Aspen Bridging's latest rate card saw rates drop by 60 bps across the board. 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.

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

Furthermore, bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.

Director at Aspen, Jack Coombs, said: "In 2019 we became one of the first lenders to launch an 80% LTV bridging product which showed our appetite to assist good developers on quality projects, so to be able to relaunch that product is very positive.”

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