"We felt it was imperative to move to offer competitive flat rate products and make reductions on the stepped rates. "
Aspen Bridging has revamped the interest rate structure of its new 2020 product card with the introduction of flat rate products without exit fees.
Flat rates are offered at 0.89% at 80% LTV, 0.84% at 75% LTV, and 0.79% at 70% LTV.
Loans are offered from £200,000 to £4m in hand with terms running from 6-18 months.
In addition, the starting interest rate of its stepped rate product has been cut to 0.44% with low rate terms running from three to six months.
The business will maintain its core market position including maximum loan sizes of up to £4m net for portfolios and £2m net on single properties, as well as its time-based service excellence targets which aim to take the majority of applications from enquiry to completion in just three to 10 days.
Jack Coombs, director at Aspen Bridging, said: “We have always operated and prepared our quotes with complete transparency, but we felt it was imperative to move to offer competitive flat rate products and make reductions on the stepped rates. This offers brokers and client two clear options from the start.
“We have looked at our competitors and our rates are highly competitive, and this new offering, together with our maximum of 80% LTV, places us in a massively advantageous position in the bridging market.
“With these substantial changes we are looking to maximise volume and double our lending in 2020, having achieved a similar feat in 2019. We have said we will always adapt to deliver market leading products and services, and this is the next stage in our development.”