Aspen Bridging has raised the maximum loan size across its product range from £3m to £5m.

It has also introduced a new bridging product – Light Development – with the projects its aimed at including residential conversion schemes, structural works and extensions.

The new offering is available at up to 75 per cent LTV with 100 per cent cost of works in arrears and is set at either 0.84 per cent per month as a flat rate or 0.49 per cent initial on a stepped rate across 12 to 18 months.

Overseas applicants will be accepted as well as those based in the UK.

Aspen Bridging director Jack Coombs says: “We are excited about the Light Development product, which will help meet the needs of UK developers by filling a genuine funding gap for smaller to mid-sized heavy works and conversions projects, as well as stepping in to help complete new build developments.

“Despite lockdowns we are fully set-up for remote working and able to utilise physical and desktop valuations, offering integrated legal representation, video signature processes and same-day pay-out facilities to complete deals quickly and efficiently. We intend to hit the ground running in 2021.”