Aspen has launched its 85% loan-to-value (LTV) day one refurbishment bridge, with drawdowns up to 75% LTGDV, available at 0.79% p.m.

The product, which is also available on the lender’s no valuation offering at 0.84% p.m., includes heavy works and is specifically targeting developers.

In addition, Aspen has cut its residential bridging rate at 70% LTV by 60 basis points to 0.69% p.m.

It has also reduced its five-year bridge-to-let term rates by 20bps, down to 6.79% p.a. for UK borrowers and to 6.89% p.a. for foreign nationals.

Aspen chief operating officer Jack Coombs says: “We are committed to giving property professionals the flexibility, certainty and competitive pricing they need to move projects forward.”

“By introducing 85% LTV day-one Refurbishment finance alongside rate reductions across our Bridge to Let and Residential bridging ranges, we’re strengthening our position as a leading specialist lender.”