Aspen Bridging has launched a new development exit and refurbishment product, with up to 80% LTV for experienced developers with clean credit, as part of several changes to the lender’s new 2022 rates and product card.

The 80% LTV offering is priced at a flat rate 0.79% and from 0.39% on the lender’s stepped rate for loans between £400,000 and £3m net.

Aspen’s commercial and semi-commercial products have also been refreshed and now operate on 180-day instead of 90-day values, with LTVs of 65% and 70% respectively. Similarly, the lender’s HMO bridge has increased its maximum LTV to 75% at the same 0.79% pm rate as previously offered at 70% LTV.

As part of the rate card changes, Aspen suggested that a broadened credit spectrum has also been introduced which further considers work proportion and value alongside credit rating. Applications remain open to UK and overseas borrowers, who are either individuals or corporates, for properties across England and Wales up to a maximum loan size of £10m.

Aspen director, Jack Coombs, commented: “Off the back of a record 2021 we have grown the team and enhanced the product offering as we look to continue our upwards trajectory.

“We are excited for 2022 and wish to convey our confidence and healthy lending appetite to the market, which will include another major product launch this month.”

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