Aspen approves £294m of deals in record month
Jack Coombs

Aspen approves £294m of deals in record month

Aspen Bridging has announced that June 2020 was one of its best months on record, having approved £294m of deals across 382 cases.

It saw even greater growth of 301% in new lending month on month.

The lender enlarged its maximum loan amount to £3m net at the end of May and has seen its average deal size rise to £770,000 from £488,000.

Aspen believes that the performance is also down to an increase in its maximum LTV to 75%, a 0.59% per month interest rate, and the reintroduction of its medium refurbishment and commercial product ranges.

Its decision to lend and adapt throughout the pandemic has been cited by the lender as a key contributing factor in building broker trust.

Jack Coombs, director at Aspen Bridging (pictured above), said: “Clearly this is an excellent increase in approvals, enquiries and new lending, supported by the attractiveness of the new product range and by the increase in appetite from investors and property professionals to take on new projects as lockdown eases.

“Furthermore, the major improvement in conversion and completion ratios shown in the much higher new lending figures, up 301%, just demonstrates both the increased willingness of borrowers to really progress deals and the strong appetite Aspen has for new business.

“Lenders who are low geared or equity funded like us will continue to reliably operate and offer brokers and customers a credible lending service and, by continuing to lend when others vacated the market, we have substantially strengthened our reputation and market share.”

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