Aspen has expanded its Bridge To Let product with a combined term of up to five years while reducing rates on both the initial bridge and buy-to-let periods.
Applicants can now choose a bridge or development loan of up to 24 months, followed by a buy-to-let that runs up to three years. The product offers certainty and flexibility for developers and foreign investors deciding when to sell or let.
The offering supports heavy refurbishment, ground-up development or rapid purchase by UK and foreign nationals. An initial retained bridge precedes a serviced buy-to-let with low early repayment charges.
Associated bridging rates now stand at 0.74% per month, while development rates sit at 0.79%, both recently reduced by 60bps. The buy-to-let element costs 6.89% per annum, also reduced by 35bps.
Aspen fully underwrites the loan upfront using one facility letter and a single initial valuation for both elements. The lender also offers DocuSign and search indemnity to simplify the legal process.
Maximum loan size reaches £15m with loan-to-value ratios of up to 80%. The product funds residential, semi-commercial and commercial properties across England and Wales.
"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," said Jack Coombs, chief operating officer at S&U PLC, parent company of Aspen
