Jack Coombs

Aspen introduces flexible loan extensions up to six months

Aspen Bridging has revealed that it has introduced longer, flexible extensions so that borrowers now have the capacity to extend a loan to up to six months, if serviced.

The lender also offers non-serviced extensions for up to two months.

In an exclusive interview with Bridging & Commercial, Jack Coombs, director at Aspen Bridging (pictured above), claimed that part of the problem with dealing with larger institutions that don’t lend their own funds was that if a borrower goes over term, they are then faced with penalties.

He added that sometimes this doesn’t protect the interests of the lender.

“It might block a refinance and it also creates a situation in which it becomes a combative scenario between them and the borrower.

“Whereas, we always try to create situations where the borrower’s equity is protected and where we’re working with them.”

The lender has also completed a nine-month ‘flexstension’, but Jack claimed this was on a bespoke basis.

“I don’t think it serves to go to war with your customers. 

“I don’t think that’s beneficial in the long run to the reputation of your business.

“And they’re never going to come back if you do that.

“But equally … it has to make sense, because ultimately you’re not protecting the customer’s interests if you extend [continually] and there is no credible exit in sight.”

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