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 single properties.
Furthermore, the offering is available on wind and watertight developments.
This allows drawdowns on revisits or building control sign-offs, and will progress with no building surveyor required, if works are “sufficiently advanced”, according to the firm.
The product is accessible throughout England and Wales, with no restrictions on scheme type or works percentages, and is offered to both corporate and individual borrowers.
Aspen Bridging director Jack Coombs comments: “We assessed the market and found lender criteria for such ‘finish and 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.”