Aspen Bridging has announced the introduction of desktop valuations as the specialist finance industry adjusts to the coronavirus pandemic.
The lender said it is accepting applications up to £1m net at a maximum 62.5% LTV for residential light refurb projects. Flat rates are starting at 0.89% with terms running from 12 to14 months, while stepped rates are starting at an initial 0.59% up to a maximum of 12 months.
Aspen revealed it will continue to supply a fully-costed quote in 15 minutes and will move from a submitted DIP to a post-search DIP in a maximum of three hours.
The firm said that experienced underwriters will still handle applications from start to finish and visit sites as soon as possible, with all meetings to be done by Facetime. The lender added that its legal partners will operate with full remote capacity and pay-out functions.
Aspen director, Jack Coombs, said: “The measures we have introduced, based around desktop valuations, will ensure that we can continue to lend while the market goes into lockdown.
“We have an extremely strong funding position through our parent company, and this enables us to be more flexible in our offering. A level of continuation is crucial for the bridging market, our broker partners and their customers, and we are doing our utmost to deliver certainty in uncertain times.”
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