Specialist lender Aspen Bridging has lowered bridging rates by around 0.6% for all new applications.
Flat rates for bridging begin from 0.85% per month, a fall of 0.04%, and stepped rates have been cut to 0.59% per month, a decrease of 0.06%. The latter moves onto 1.25% per month secondary.
Residential and development exit rates are available at 0.87% at 75% loan to value (LTV) and 0.85% at 70% LTV.
Refurbishment deals begin from 0.89% at 80% LTV.
The lender’s no-valuation product, which removes the need for a physical inspection to speed up the loan process, has an increased LTV of 75%, up from 70% previously.
Pricing starts from 0.89%, down from 0.94%.
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Aspen Bridging’s bridge-to-let product has a servicing rate from 6.99%, down from 7.49%. There is 2% deferral as well as being opened up to foreign nationals and refurbishment and semi-commercial loans.
Jack Coombs, managing director at Aspen Bridging, said: “We are extremely positive about the outlook for the UK property market over the coming year and our parent company, S&U, is fully committed to investing in the growth of our bridging and bridge-to-let lending in this exciting space.
“As an equity-funded lender, we remain truly agile in a competitive marketplace, which underpins our new rates, which are skilfully supported by our best-in-class service proposition and our traditional USPs of search indemnity, direct access to underwriters, no monitoring surveyors and docu-sign facilities.”
The lender has been expanding its team, hiring Stephen Hickman as senior risk assessor and Kyle Taylor as recoveries manager.
