Aspen has increased the market scope of its award-winning Bridge To Let product with the introduction of a combined term of up to five years, as well as reducing rates on both the initial bridge and the buy to let (BTL) periods.

Applicants can now opt for a bridge or development loan of up to 24 months followed seamlessly by a BTL which can run up to three years. The product offers both certainty and flexibility for developers and foreign investors deciding when to sell or let.

The product can be used to support a heavy refurbishment, ground-up development or a rapid purchase by UK and foreign nationals. An initial retained bridge precedes a serviced BTL with low ERCs.

Associated bridging rates are available of 0.74% per month and development rates of 0.79%, both recently reduced by 60bps, followed by BTL at 6.89% per annum, also reduced by 35 bps.

The loan is fully underwritten upfront and uses one facility letter and a single initial valuation for both elements, with the lender also offering Docusign and search indemnity to simplify the legal process.

The maximum loan size is £15m with LTVs of up to 80% and the product is available to fund residential, semi-commercial and commercial properties across England and Wales.

Jack Coombs, Chief Operating Officer at S&U PLC, parent company of Aspen, said: “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.”