Aspen surpasses £750m in total lending following record July
Aspen Bridging has surged past £750m in total lending following a record July, and is targetting £1bn within the year.
The lender smashed through the latest landmark figure having completed £30m of new loans last month across 33 deals.
Comprising cases across 22 counties across England and Wales, submitted by 28 broker firms, the deals ranged from £4.6m to £175k, with the lenders No Valuation product proving most popular.
In mid-July the lender launched its new rate card featuring reduced rates and increased LTVs as it sets its sights on being a leading provider of refurbishment funding to UK developers. The move has boosted an already strong pipeline of applications.
Jack Coombs, managing director of Aspen Bridging, said: “The business is developing at an exponential rate, we are growing by at 25% year-on-year and have a strategy in place to ensure we continue to beat this mark, this is why I can confidently state we will hit £1bn in the next year.”
In its new rate card the lender cut its 80% Heavy Refurbishment product to 0.78% pm, a fall of 60 bps. It also its enhanced No Valuation Refurbishment product to offer 80% LTV at 0.83% pm.
Stepped Rates are also reduced for both products and are available from 0.39% pm, a 50bps cut.
The lender also has a new larger loan offering with flat rates from 0.75% pm and stepped rates from 0.39% pm for loans above £2m up to £15m net.