Aspen has launched a new refurbishment finance product offering 85% LTV on day one, with drawdowns up to 75% LTGDV, priced at 0.79% p/m.
The refurbishment finance product covers heavy works and targets developers. It is also available through the lender’s No Valuation offering at 0.84% p/m.
Aspen has cut rates elsewhere in its range. On its five-year Bridge-to-Let, term rates fall by 20bps to 6.79% p/a for UK borrowers and 6.89% p/a for foreign nationals. The lender has also reduced its residential bridging rate at 70% LTV by 60bps to 0.69% p/m.
Aspen lends from £150k up to £15m and offers refurbishment finance to UK and overseas developers and property professionals. Its in-house monitoring team releases drawdowns to developers within 48 hours, which Aspen says removes the costs and delays associated with traditional quantity surveyors.
“We are committed to giving property professionals the flexibility, certainty and competitive pricing they need to move projects forward,” said Jack Coombs, chief operating officer at FTSE-listed S&U PLC, the parent company of Aspen (pictured).
“By introducing 85% LTV day-one Refurbishment finance alongside rate reductions across our Bridge to Let and Residential bridging ranges, we’re strengthening our position as a leading specialist lender.”
