Specialist lender, Aspen Bridging, has announced that it will indefinitely offer fixed rates from 0.64% for prime residential purchase and refinance deals up to 70% LTV following a 32% demand surge in applications.
September’s ‘Lend a Hand’ offer, which offered a reduction of 5bps, saw applications increase by 32% against August, and by 36% based on September last year.
In addition, September saw the lender achieve 50% of new loans completed within 20 days, and 67% in under 30 days, of initial application. According to the latest Bridging Trends figures, in the second quarter of 2021, the market average stood at 47 days.
Aspen’s rate card also offers 75% LTV for residential & light refurbishment with rates of 0.69%.
Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales up to a maximum loan size of £10m.
Jack Coombs, (pictured) Director at Aspen Bridging, comments: “This has placed us among some of the most competitive lenders, however, our main differentiation remains our timed service proposition which ensures deals will be completed as efficiently as claimed.
“Brokers know this, which is why we saw a surge in demand in time with the September rates offer and which is why, following this good response, we will maintain this rate going forwards.”