Aspen Bridging has reduced its minimum and maximum initial interest rate per month, with the new rate range from 0.45% up to 0.55%.

The reduction, from the previous range of 0.49% to 0.59%, is immediately available across all its first and second charge unregulated residential and commercial products regardless of loan to value (LTV), loan term, property type and loan purpose.

Aspen has increased this year its maximum loan sizes, up to £4m net for portfolios and £2m net on single properties as well as launching flexible loan extensions.

Jack Coombs (pictured), director at Aspen Bridging, said: “We constantly monitor the market to see how we can make our products more competitive, and today’s significant rate cut as a ‘summer special’ offer is another step in maintaining a market leading position.

“Our service goes further than any other lender by offering one person per case, quick and accurate quotations, site visits from an experienced underwriting team to every property at valuation stage and completions from initial enquiry as fast as any in the industry.

“This is why our loan book is growing substantially, and we intend to maintain our proactive approach to ensure an upwards trajectory.”