Aspen launches light development bridge
Aspen Bridging has launched a light development product and increased its maximum loan size to £5m net across its whole product range.
The light development product will cover residential conversion schemes, finish and exit projects, structural works and extensions plus lighter refurbishments.
It is available up to 75% loan-to-value (LTV) at 0.84% per month on the lender’s flat rate or from 0.49% initial on its stepped rate across 12 to 18 months with 100% cost of works in arrears.
Furthermore, the product is on offer to UK and overseas applicants, either individuals or corporates, for properties across England and Wales.
In addition, the maximum loan size has increased across the lender’s entire range from £3m to £5m.
Jack Coombs, director at Aspen Bridging, said: “We are excited about the light development product, which will help meet the needs of UK developers by filling a genuine funding gap for smaller to mid-sized heavy works and conversions projects, as well as stepping in to help complete new build developments.
“Further raising the max loan size to £5m net is an additional signal to introducers of our growing appetite to lend across all our product ranges.
“Despite lockdowns we are fully set-up for remote working and able to utilise physical and desktop valuations, offering integrated legal representation, video signature processes and same-day pay-out facilities to complete deals quickly and efficiently.
“We intend to hit the ground running in 2021.”