Aspen launches three year bridge to let
13 Jan 2025
Aspen Bridging has updated its award-winning* Bridge To Let (BTL) product with the launch of a new three-year hybrid offering.
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 designed for foreign nationals, heavy refurbishments and semi-commercial borrowers who require both the flexibility of bridging, offering no requirement of UK footprint and full funding of heavy works projects, combined with the certainty of having a multi-year BTL thereafter.
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 to simplify the legal process.
The maximum loan size is £5m with LTVs of up to 80% and the product is available to fund projects and investment properties across England and Wales.
Jack Coombs, Managing Director at Aspen Bridging, said: “We are very positive that out 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.”
Last week, Aspen Bridging launched its 2025 Rate Card with reductions of up to 80bps for all new applications and a higher maximum loan size of £15m net.
The cut sees Flat Rates starting from 0.79% per month and Stepped Rates from an initial 0.45% per month.
Aspen’s Heavy Refurbishment Bridge product is now available up to 75% LTV with rates from 0.87%, while the lender’s leading Development Exit and Refurbishment bridge has also been updated and is available at 80% LTV with rates from 0.89% and up to 75% LTV from 0.84%.