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Mortgage

Aspen Bridging Announces Flexible Loan Extensions

Aspen Bridging has launched flexible loan extensions.

Customers will now be able to extend their loan for up to six months if serviced, and up to two months if non-serviced.

The decision is designed to protect a borrower’s equity in projects that have been subject to unforeseen delays, according to the firm.

Aspen Bridging director Jack Coombs comments: “There are two key considerations at play here. The sector is not working in the best interests of the client if penalties are added the moment a borrower goes over term, because ultimately how does this protect their equity and their ability to refinance.

“For a ‘flextension’ to be offered there has to be a good reason for the requirement and a credible exit must remain in place, and if these stipulations are met then it is in everyone’s best interests, including ours, to find a workable solution.

“The client always has to remain the foremost consideration in every transaction, that is how you retain repeat custom and protect the long-term reputation of your business.”

By Jake Carter
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