The company also revealed it surpassed its lending targets by over 25% consistently in August, September, and October, and is expecting to continue exceeding them to the end of 2020.
Aspen credits its lending performance to the changes made over the year, including increasing its maximum LTV to 75% and maximum loan amount up to £3m, as well as introducing desktop valuations, full remote capacity, and same-day payout facilities.
According to the lender, the average deal size has increased to £770,000 from £488,000 last year as a result of the new changes.
- Albatross Capital secures further funding and ups max loan size
- Aspen completes bridging loan in four days to save client from default charges
- Aspen approves £294m of deals in record month
Jack Coombs, director at Aspen Bridging (pictured above), 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, [as] they are highly competitive in the market and will stand us in great stead to see out 2020 [positively].
“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.”
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