Aspen Bridging has launched its Finish & Exit bridge product, available on wind and watertight developments, allowing drawdowns on revisit or building control sign-off.
It will progress with no building surveyor required where works are sufficiently advanced. The product is available up to 80% LTV from day one with rates starting at 0.49% per calendar month.
The term can run from eight to 12 months up to the lender’s maximum loan sizes of £4m net for portfolios and £2m net on single properties.
Jack Coombs (pictured), director at Aspen Bridging said: “We assessed the market and found lender criteria for such Finish & Exit bridges to be too restrictive.
“The demand is strong given the current environment of slower sales where development lenders are often requiring redemption earlier than developers are able to deliver.
“This new product places control back in the hands of the developer, and because of the close relationship we operate with every customer, including the prerequisite site visit, we can utilise our underwriters’ expertise to drop many barriers to entry.
“Add our high LTVs and service excellence and the product is truly compelling.”
The finer selling points sit within the lending criteria itself.
The product is also available throughout England and Wales with no restrictions on scheme type or works percentages, and is offered to both corporate and individual borrowers.
Aspen originally soft launched its Finish & Exit bridge to fine tune the product.
Multiple projects have been completed, including a loan of £862,500 on three new builds in Whitstable at 80% LTV, and £1,050,000 loan on four complex construction new builds in Canterbury at 75% LTV.