Aspen has increased the market scope of its bridge to let product with the introduction of a combined term of up to five years, as well as reducing rates on both the initial bridge and the buy to let (BTL) periods.

Applicants can now opt for a bridge or development loan of up to 24 months followed by a BTL which can run up to three years.

The product can be used to support a heavy refurbishment, ground-up development or a rapid purchase by UK and foreign nationals. An initial retained bridge precedes a serviced BTL with low ERCs.

Associated bridging rates are available of 0.74% per month and development rates of 0.79%, both recently reduced by 60bps, followed by BTL at 6.89% per annum, also reduced by 35 bps.

The loan is fully underwritten upfront and uses one facility letter and a single initial valuation for both elements, with the lender also offering Docusign and search indemnity to simplify the legal process.

The maximum loan size is £15m with LTVs of up to 80% and the product is available to fund residential, semi-commercial and commercial properties across England and Wales.

Commenting on the launch Jack Coombs S&U chief operating officer (parent company of Aspen) said: “We are excited to launch our new five-year Bridge to Let and we are confident that the increased term and reduced rates will be welcomed by property investors, developers and their brokers.”