Aspen announces zero defaults and predicts strong end to 2020
Despite a turbulent year in the property finance sector, Aspen Bridging has announced it currently has zero defaulted loans on its books and expects to continue exceeding lending targets to the end of 2020.
The announcement, which comes on the verge of a second national lockdown, also reveals that the company surpassed its lending targets by over 25% consistently in August, September and October.
The lender believes that the foundation for its lending performance is based on many key decisions over the year, including increasing its maximum LTV to 75% and maximum loan amount up to £3m net plus the rapid introduction of desktop valuations, full remote capacity and same day pay-out facilities.
These implementations have seen its average deal size increase to £770,000 from £488,000 last year.
Jack Coombs, director at Aspen Bridging, said: “No matter what happened in the market from March onwards we stayed open for business, and brokers have respected our continued willingness to adapt our offering to rapidly changing market conditions so their customers can continue to borrow.
“As we are about to enter a second national lockdown we see no reason to change our current rate card or lending criteria, they are highly competitive in the market and will stand us in great stead to see out 2020 on a positive.
“To reduce current defaults to zero during this difficult period has been an achievement, and while this element does not directly impact our liquidity as an equity funded lender it gives us a strong platform to say to our clients and partners that the money is there and ready to lend.”
Aspen’s Flat and Stepped Rate Products cover residential and light refurbishment, residential and medium refurbishment, HMOs, prime semi-commercial and prime commercial property.