Aspen Bridging has made changes to its refurbishment product range, including rate reductions and a new 80% loan-to-value (LTV) option that requires no upfront valuation.

The specialist lender has cut the rate on its 80% LTV heavy refurbishment product by 60 basis points to 0.78% per month.

Its No Valuation Refurbishment product, previously only available at up to 75% LTV, has also been extended to offer 80% LTV at a rate of 0.83% per month.

Stepped rates on both products have also been reduced by 50 basis points and are now available from 0.39% per month.

Aspen’s No Valuation offering, which relies on in-house surveyors to provide post-valuation offers within 48 hours, has been updated to support refurbishment projects without the need for a quantity surveyor.

The move is designed to cut delays and reduce upfront costs for developers undertaking works.

Alongside the improved terms, Aspen has introduced a package of service enhancements, including digital legals via DocuSign, no-search indemnity, and the ability to fund 100% of works. Drawdowns are available within 48 hours and paid directly to the borrower.

Both refurbishment products can be paired with Aspen’s fully underwritten bridge-to-let options. These include a one-year development exit and a two-year stabilisation period, both priced at 6.49% per annum.

Jack Coombs, managing director at Aspen Bridging, said: “We are determined to provide a best-in-class product and service in the heavy refurbishment space and with these enhancements I am confident we are ideally placed to meet developers’ needs.”