Residential bridging is now at 0.78% per month at 75% LTV, while stepped rates are now available from 0.39% per month.
Heavy refurbishment is now available at 0.83% per month at 80% LTV and 0.78% per month at 75% LTV.
All of these products have seen a reduction of 72 bps.
In addition, Aspen’s no-valuation rates have dropped to 0.84% per month at 75% LTV, a decrease of 60 bps.
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The lender’s two-year BTL payrate, which is also available for foreign nationals, is now 6.49% per annum, a reduction of 25 bps.
Aspen is also introducing a new larger loan offering with flat rates from 0.75% per month and stepped rates from 0.39% per month for loans above £2m up to £15m net.
Jack Coombs, managing director at Aspen Bridging (pictured above), said: “In this rapidly evolving financial market, it’s essential we ensure competitiveness and these broad and significant reductions, alongside our excellent customer service, will ensure we are a leading lender for brokers’ quality clients.”
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