Aspen is launching a new 80% LTV product for development exit and refurbishment, and is making various updates to its bridging offering.

The new product has an 80% LTV for experienced developers with clean credit and is priced at 0.79% pm flat rate and from 0.39% on its stepped rate for loans between £400,000 and £3m.

The lender is also updating its commercial and semi-commercial products, which now operate on 180-day values with LTV’s of 65% and 70% respectively, both at 0.79% pm.

Elsewhere, the lender’s HMO bridge has been increased to a maximum LTV of 75% at the same 0.79% pm rate as offered previously at 70% LTV.

Residential rates for foreign national applications are also being reduced by 0.05% to 0.74% pm at 75% LTV.

Across the lender’s residential product range, including refurbishment, rates at 75% LTV have been reduced by 0.05% to 0.69% pm for all loans over £2m.

Aspen’s stepped rate is still available from 0.39% for the first six months and can be used across all products and LTVs.

According to the company, the changes will trigger the introduction of a broader credit spectrum. Applications remain open to UK and overseas borrowers.