Following the recent launch of it’s new Summer 2023 Rates & Product Card, Aspen Bridging has completed its first case at the reintroduced 80% LTV on its Development Exit & Refurb product.

The £457k facility both provided the borrower 80% LTV on completion to assist with the purchase of the property and made available a further £75k of drawdown, representing 100% of works costs.

The loan took under three weeks to complete from initial enquiry and it will be used to transform a three-bedroom semi-detached house in Harrow, London into a four-bedroom HMO.

The deal was completed on Aspen’s Stepped Rate product, starting at 0.65% over a 10-month term. Exit will be achieved through sale of the property.

The application was taken from start-to-finish by Underwriter, Sinead McMurray who joined the business in May 2022 through the lender’s Graduate Recruitment Scheme.

Jack Coombs, Director at Aspen, said: “In 2019 we became one of the first lenders to launch an 80% LTV bridging product which showed our appetite to assist good developers on quality projects, so to be able to relaunch that product is very positive.”

Aspen Bridging latest rate card saw rates dropped by 60 bps across the board. Flat Rates, across all product types including heavy works, are now available at 0.89% plus one month’s exit at 80% LTV, 0.89% at 75% LTV and 0.85% at 65% LTV.

Stepped Rates start from 0.49% per month for the first six months across all product types and go right up to 80% LTV.

Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.