ASPEN COMPLETES 30 DEALS FOR £30M IN TWO MONTHS
08 Dec 2022
Aspen Bridging is nearing the end of a record-breaking calendar year with the completion of £30m of lending across 30 deals in the last two full trading months.
With the largest loan size being £5.1m, a lowest of £200k and an average of £1m, the fastest time-to-funding was just eight days and over half of the completions finalised within 20 days of initial submission.
Just over 40% of completions were written on Aspen’s No Valuation product and 27% on its 75% Refurbishment & Light Development, with the remainder on its Bridge-to-Let, Semi-Commercial and Purchase offerings. Several LTVs were completed at 75%.
The deals, which originated from 22 introducers, were written on competitive terms with Flat Rates from 0.74%, Stepped Rates of 0.44% and Bridge-To-Let term rates of 6.49% p/a.
Loans were written across 12 counties in England and Wales and secured against a variety of properties from terraced, semi-detached and detached houses through to flats, semi-commercial premises and retail.
The company’s record year was assisted by the launch of two new innovative products, Development Exit & Refurbishment and its award-winning Bridge-To-Let.
Jack Coombs, Director at Aspen Bridging, said: “At the start of the year our target was to increase our bridging loan book by 50% and this has been achieved. To see solid month-on-month numbers running through to November despite prevailing market conditions shows our willingness to lend.
“One of the reasons for our continued strong performance is the advantage of being equity funded in these uncertain times, which gives our borrowers and introducers the surety that we will follow through on what we said we would do.”
Aspen’s 2022 rates and product card sees Stepped Rates from 0.49% and Flat Rates from 0.79%. The lender operates a maximum loan size of £10m net, up to 75% LTV and terms running from six to 24 months.
Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.