Aspen Bridging launches new bridge to let product
Aspen Bridging has entered the bridge to let market with an innovative product designed to offer wider use flexibility and lower ERC’s than existing bridge to let or hybrid offerings.
Available up to 80% LTV, with bridging loan rates starting at 0.64% pm and bridge to let rates of 4.49% pa, the product is open to UK and foreign applicants, including first-time buyers, up to a maximum loan size of £10m.
Terms run for either 18 months or two years, which are split equally between the retained bridging loan initial period and the serviced bridge to let.
Aspen is targeting several key borrower types including those undergoing heavy to medium works cases or HMO conversions (with 100% works funding available) and those seeking unrushed development exits (offering no bridge ERC or minimum interest).
The product gives borrowers flexibility to transfer onto the cheaper bridge to let phase after month seven or to extend the bridge if required meaning the loan can react to how long a works project takes to complete.
Additionally, once on the serviced bridge to let, the borrower has the time and the option to either refinance onto the best longer-term buy to let rates in the market or to sell without heavy ERCs.