The move — which is the first from a lender Bridging & Commercial is aware of — means that all valuation bases are to be provided on the special assumption of normal market conditions which existed as of 1st March 2020, without the effects from the coronavirus pandemic and associated economic impact.

The specialist lender — which was quick to introduce desktop valuations amid the surveying lockdown — claimed that the initiative aimed to counter a pattern of valuers applying blanket 5-25% reductions in valuation prices during the crisis, which is resulting in deep uncertainty for clients and brokers as to what loan amounts are actually available.

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“By taking the value of a property on 1^st March 2020, we have created market-leading leverage for every single application and, in turn, generated a transparent, easy to understand offering,” explained Jack Coombs, director at Aspen Bridging (pictured above).

“In today’s market, based on desktop valuation bridging, we control our risk with a 62.5% LTV limit — which still represents one of the leading figures.”

Aspen is accepting applications up to £1m net at a maximum 62.5% LTV for residential and residential light refurb projects.

Flat rates start at 0.89% with terms from 12-14 months, while stepped rates can be provided from an initial 0.59% up to a maximum of 12 months.

Aspen’s meetings are currently conducted via FaceTime, while its legal partners operate with full remote capacity and pay-out functions.

“Lenders who are low geared or equity funded like us will continue to reliably operate and offer brokers and customers a credible lending service, and we will continue to introduce innovative ideas to deliver on our promises,” Jack added.