Aspen is starting 2021 on the front foot with the launch of a new Light Development bridge and an increase in its maximum loan size to £5m net across the whole product range.
Covering residential conversion schemes, finish and exit projects, structural works and extensions plus lighter refurbishments, the new Light Development product is available up to 75% LTV with 100% cost of works in arrears.
Available from 0.84% per month on the lender's Flat Rate or from 0.49% initial on its Stepped Rate across 12-18 months, it is open to UK and overseas applicants, either individuals or corporates, for properties across England and Wales.
The Light Development product launch coincides with a major positive change in Aspen's lending criteria, with its maximum loan size increasing to £5m net from £3m net. The increase is designed to widen Aspen's scope to match its lending appetite.
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." Through its Time-Based Service Excellence Targets, Aspen aims to take the majority of applications from enquiry to completion in just three to 10 days.
The equity funded lender's Flat and Stepped Rate Products cover residential and light refurbishment, residential and medium refurbishment, HMOs, prime semi-commercial and prime commercial property.