£1bn and counting – Aspen celebrates major lending landmark
Aspen has surpassed £1bn in total lending, celebrating the milestone with the release of new figures highlighting the pace of its growth.
Founded in 2017, the lender has completed over 1,250 deals with a mean loan size of £785,000 and an average LTV of 68%.
Speed of execution has been highlighted with a third of all cases completed within one month and two-thirds completed within two months.
Refurbishment finance has been a significant component of the lender’s growth with £388m of involving works, driven by the company’s unique approach to monitoring which is carried out in-house.
A further £239m has used its no-valuation products, highlighting continued demand for streamlined funding solutions that reduce both time to complete and the cost to borrowers.
Longer term and more flexible products have also started to become a larger proportion alongside traditional bridging, with its multi award-winning Bridge to Let, which was launched in 2022, now making up just over 50% of its current loan book.
Applications were completed from 334 broker firms across 46 counties in England and Wales.
Residential, including HMOs, accounts for the majority of Aspen’s lending, representing 90% of completed loans, while commercial properties accounts for the remaining 10%.
The milestone follows Aspen’s announcement in February 2024 that it had originated £500m of lending, underlining the pace of subsequent growth for the Midlands-based business.
Jack Coombs, chief operating officer at FTSE-listed S&U PLC, parent company of Aspen, said: “Surpassing £1bn in total lending is a significant milestone for Aspen and reflects the strength of the proposition we have built for brokers and their clients.
“The breadth of our lending is particularly encouraging. We are supporting borrowers across a wide range of property types and locations while refurbishment finance, no-valuation products and Bridge To Let continue to play an important role in our growth.
“The business is committed to ambitious but sustainable growth targets, delivered through our top-class staff and systems, to reach the next £1bn.
“We are extremely grateful to our broker partners for their continued support, and to whom we remain committed to delivering the market-leading service for which Aspen is renowned”.