Applicants can now opt for a nine-to-12 month bridge followed immediately by a two-year BTL option — the loan is fully underwritten upfront and uses one facility letter and one initial valuation for both elements.
The product is available with BTL rates from 6.79% per annum with initial bridging rates from 0.79% per month — Aspen is also offering the product using Docusign and no search indemnity.
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The maximum loan size is £5m with LTVs of up to 80%, with the product available to fund projects and investment properties across England and Wales.
The product is designed for foreign nationals, heavy refurbishments and semi commercial borrowers, offering no requirement of UK footprint and full funding of heavy works projects.
Jack Coombs, managing director at Aspen Bridging (pictured above), said: “We are very positive that our new three-year bridge to let will appeal strongly both to foreign investors and also to UK developers as it offers them true bridging, such as lending without UK footprint and support for heavy works, combined with the certainty of BTL funding after the bridge.”
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