Jack Coombs

Aspen Bridging launches flat rate products with no exit fees

Aspen Bridging has introduced flat rate products without exit fees as part of its new 2020 offering.

The specialist lender will offer prime and development exit, standard and finish and exit products across residential, commercial and mixed development applications.

Flat rates are offered at 0.89% at 80% LTV, 0.84% at 75% LTV and 0.79% at 70% LTV. 

Loans are from £200,000 to £4m, with terms running from six to 18 months.

The starting interest rate of its stepped rate product has been reduced to 0.44%, with low rate terms running from three to six months.

The products are also available to foreign nationals and companies. 

Aspen Bridging will maintain its maximum loan sizes of up to £4m net for portfolios and £2m net on single properties.

In addition, the lender aims to complete the majority of applications in three to 10 days. 

Jack Coombs, director at Aspen Bridging (pictured above), said that its new offering, together with its maximum LTV of 80%, places the lender in a “massively advantageous position” in the bridging market.

“With these substantial changes, we are looking to maximise volume and double our lending in 2020, having achieved a similar feat in 2019. 

“We have said we will always adapt to deliver market-leading products and services, and this is the next stage in our development.”

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