Wayne Hicklin

Aspen Bridging cuts rates amid sourcing system overhaul

Specialist lender Aspen Bridging has announced a wave of rate reductions to mark a major overhaul of its sourcing system.

The company currently offers both a low rate product for customers who intend to exit earlier and a flat rate product for those who expect to require the full term.

Aspen’s low rate product has now dropped from 0.90% to 0.85% per month for the first five months of any loan with LTVs of up to 80%, while its secondary period rate for the remaining months has been cut from 1.50% to 1.25%.

Meanwhile, the flat rate product has been cut from 1.20% to 1.09%.  

“We are maintaining our high LTV and bespoke focus within bridging, while lowering the rates to enable customers to access more mainstream rates,” said Jack Coombs, director at Aspen.

“The purpose of these changes is simply to make our products both less expensive and more accessible.

“We are offering these same rates right up to 80% LTV for residential and 70% for commercial.”

Aspen has also increased its flexibility by enabling its decision makers to match or improve on rates on a case-by-case basis for the right deal.

It will now take a different approach to bad credit, which the company believes will not have a major impact upon risk unless it truly prevents the customer’s exit.

The changes were accompanied by news that Aspen had begun greatly enhancing the ease of use of its sourcing system following consultation with its broker partners.

The lender has reduced the time taken to get a quote by removing unnecessary data points and improved quoting accuracy through underwriter confirmation of all fees and disbursements at the decision in principle stage.

Aspen also increased its flexibility to allow changes to the maximum LTV, term and rate via a client’s assigned underwriter, with brokers now able to share notes on cases.

Meanwhile, greater drawdown flexibility will enable Aspen to create drawdown loans with multiple securities, providing an opportunity for new products in future.

“Having had very positive responses from brokers about the ease of use of our system, we expect these changes will further improve the quality of the experience,” added Wayne Hicklin, loans manager at Aspen (pictured above).

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