Aspen Bridging has announced that it will lend on property values established before the coronavirus hit the UK properly.

Specifically, the lender will take the value of a property on 1 March into its calculations. It says that “blanket” reductions of 5 per cent to 25 per cent in valuation prices during the pandemic creates uncertainty for clients and brokers.

Additionally, all meetings will take place over FaceTime.

Aspen will accept applications of up to £1m net and up to 62.5 per cent LTV for residential and residential light refurbishment projects, with flat rates starting at 0.89 per cent for 12-14-month terms and stepped rates at 0.59 per cent for a maximum of 13 months.

Aspen Bridging director Jack Coombs says: “Lenders who are low geared or equity funded like us will continue to reliably operate and offer brokers and customers a credible lending service, and we will continue to introduce innovative ideas to deliver on our promises.”