Aspen Bridging announces flexible loan extensions

Aspen Bridging has launched flexible loan extensions.

Customers will now be able to extend their loan for up to six months if serviced, and up to two months if non-serviced.

The decision is designed to protect a borrower’s equity in projects that have been subject to unforeseen delays, according to the firm.

Aspen Bridging director Jack Coombs comments: “There are two key considerations at play here. The sector is not working in the best interests of the client if penalties are added the moment a borrower goes over term, because ultimately how does this protect their equity and their ability to refinance.

“For a ‘flextension’ to be offered there has to be a good reason for the requirement and a credible exit must remain in place, and if these stipulations are met then it is in everyone’s best interests, including ours, to find a workable solution.

“The client always has to remain the foremost consideration in every transaction, that is how you retain repeat custom and protect the long-term reputation of your business.”

Recommended

Aspen Bridging raises maximum loan sizes

Aspen Bridging has increased its maximum loan sizes on portfolio and single properties with immediate effect. Specifically, the lender has increased its portfolio properties maximum loan size from £1.5m net to £4m net, and on single properties, from £1m net to £2m net. The increase comes after the lender asked a number of broker firms […]

Aspen launches new bridging product

Aspen Bridging has launched a new ‘finish and exit bridge’ mortgage product. The offer is available at 80 per cent LTV, with the term set between eight and 12 months. The rate for this offering is 0.49 per cent per month and has a maximum loan value of £4m for portfolio landlords, and £2m on […]

Aspen Bridging joins ASTL

Specialist lender Aspen Bridging has become the latest firm to join the Association of Short Term Lenders. Aspen is a wholly owned subsidiary of S&U plc providing unregulated bridging finance for individuals and businesses at up to 80 per cent LTV and 100 per cent purchase price. ASTL chief executive Benson Hersch says: “The demand […]

UK-Currency-Money-Coins-700.jpg

Network Review: Small, but positive change

Welcome to a brand-new year and a brand new quarter, with limitless possibilities for everyone and the chance to make a real difference to your life and the life of everyone around you… as my brother’s life coach would say. Back here on earth, however, the first thing that springs at one from the figures […]

Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]

Newsletter

News and expert analysis straight to your inbox

Sign up