Aspen Bridging has changed the interest rate structure of its new 2020 product card by introducing flat rate products without exit fees.
The firm said it will create greater clarity by offering ‘Prime & Development Exit’ and ‘Standard & Finish & Exit’ products across residential, commercial and mixed development applications, with rates displayed up to 80% LTV.
Aspen announced that loans will be available from £200,000 to £4m with terms running from six to 18 months. Furthermore, Aspen announced the starting interest rate of its ‘Stepped Rate Product’ has been cut to 0.44% with low rate terms running from three to six months.
The firm also indicated it will maintain its core market position including maximum loan sizes of up to £4m net for portfolios and £2m net on single properties, as well as its time-based service that aims to take the majority of applications from enquiry to completion in three to 10 days.
Aspen director, Jack Coombs, said: “We have always operated and prepared our quotes with complete transparency, but we felt it was imperative to move to offer competitive flat rate products and make reductions on the stepped rates. This offers brokers and client two clear options from the start.
“We have looked at our competitors and our rates are highly competitive, and this new offering, together with our maximum of 80% LTV, places us in a massively advantageous position in the bridging market.
“With these substantial changes we are looking to maximise volume and double our lending in 2020, having achieved a similar feat in 2019. We have said we will always adapt to deliver market leading products and services, and this is the next stage in our development.”
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