Aspen structured the deal with a 0.83% monthly rate over nine months, transitioning to 6.74% annually for two years.

The semi-commercial development comprises two ground-floor retail units and eight apartments across four floors, totalling 8,888 square feet.

The loan was agreed at 75% LTV at 0.78% flat over a 10 month term.

The final projected GDV of the property is £2.8m after remodelling and additional works.

Initial bridge rate was 0.89% for six months, followed by 6.74% over two years for the BTL period.

Last month, the lender completed a £6.3 million funding package, supporting a developer with two separate residential projects in Bath and Cheltenham.

Three apartments in the Bath scheme have already been sold off-plan ahead of completion.

New rate cuts include a 60bps reduction for 80% Heavy Refurbishment loans and stepped rates starting at 0.39% per month.

The deal was completed at 75% loan-to-value with a 0.39% initial rate.

Aspen has recently reduced its heavy refurb rate to 0.78%