"The pandemic has given businesses a new perspective on continuity and innovation."
Roma Finance has increased its maximum LTV to 70% on residential bridging finance and 65% on semi-commercial. This is a 5% increase on previous products and follows the news that physical valuations can now take place again.
Aspen Bridging has increased its maximum LTV to 75% and raised its top loan amount to £3m by utilising both physical and desktop valuations.
In line with previous practice, an experienced underwriter will visit each property and either meet the client in person or via facetime.
All Flat Rate Products are offered at 0.89%, with terms running from 12 to 14 months, and its Stepped Rate Products carry an initial rate of 0.59% for six to 12 month terms.
Scott Marshall, managing director at Roma Finance, said: “We are delighted we are taking another important step in this challenging time. The pandemic has given businesses a new perspective on continuity and innovation. Adaptation is essential and we will continue to be proactive and support brokers, customers and the overall industry.
“I am proud of our transparency and the way in which the Roma Finance team has supported all our stakeholders including customers, brokers, solicitors, monitoring surveyors and valuers throughout this challenging period. Furthermore, I am delighted with our agility in the steps we have taken to date as we continue to remain at the forefront of the market.”
Jack Coombs, director at Aspen Bridging, commented: “During the crisis we stayed true to our bridging market commitments, a decision which was warmly welcomed by the broker community and as such applications have continued to be submitted at exceptionally good levels.
“Our new rate card takes our commitment still further, with the upper 75% LTV and £3m maximum net loan amount among the best in the market.
“We have also learnt how to further streamline our processes during lockdown, and that is why physical and desktop valuations will continue to be utilised, which mark another exciting step forward. Everything we do is based around service, and we will do whatever is necessary to be the best in the market.”
