Aspen Bridging is boosting its refurbishment finance offering to UK developers with lower rates and higher loan-to-value (LTV) options.
The lender has reduced its 80% Heavy Refurbishment product rate by 60 basis points to 0.78% per month.
It has also upgraded its No Valuation Refurbishment product to offer 80% LTV at 0.83% per month, up from the previous 75% LTV limit.
Stepped rates for both products have been cut by 50 basis points and now start at 0.39% per month.
The No Valuation product uses in-house surveyors to deliver post-valuation offers within 48 hours and supports refurbishment projects without the need for a quantity surveyor.
Additional service enhancements include DocuSign legal documents, no search indemnity required, and 100% funding of works via 48-hour drawdowns paid directly to borrowers.
Both products can be paired with fully underwritten Bridge To Let (BTL) options, offering a one-year development exit or a two-year stabilisation period, each available at 6.49% per annum.
Jack Coombs (pictured), managing director at Aspen Bridging, said: “We are determined to provide a best-in-class product and service in the heavy refurbishment space and with these enhancements, I am confident we are ideally placed to meet developers’ needs.”
