Aspen Bridging has raised the maximum LTV for its short-term products to 75 per cent.

It has also increased its maximum lending amount to £3m and £1m for residential properties.

The lender’s products come in two varieties – Flat Rate and Stepped, with the former having an initial rate of 0.89 per cent for 12 to 14 months and the latter, 0.59 per cent for six to 12 months.

As with many lenders now, Aspen says that it will continue to use desktop valuations in tandem with the newly allowed physical valuations.

Last month, Aspen announced that it would lend on property values established pre-Covid-19.

Aspen director Jack Coombs says: “During the crisis we stayed true to our bridging market commitments, a decision which was warmly welcomed by the broker community and as such applications have continued to be submitted at exceptionally good levels.

“We have… learnt how to further streamline our processes during lockdown, and that is why physical and desktop valuations will continue to be utilised, which mark another exciting step forward. Everything we do is based around service, and we will do whatever is necessary to be the best in the market.”