Aspen Bridging

Aspen lends over £50m in record quarter

Aspen Bridging has lent £51.3m in Q2 this year — it’s best ever quarterly performance.

The completions were submitted by 30 different broker firms on properties in 21 counties across England and Wales.

Loans were secured across a range of properties from terraced, semi-detached and detached houses through to flats, semi-commercial premises, retail outlets, office buildings and warehouses.

More than one-third of the facilities were over £1m in size, while terms ranged from 10-18 months with gross LTVs ranging up to 75%.

To achieve the milestone, the lender utilised its rapid desktop, light development, medium refurbishment, residential investment, and commercial products to meet borrowers’ finish and exit, development exit, purchase and refinance needs.

The news follows the finance provider’s record month of completions in April, which saw it lend £23m.

“2021 has been an exceptional year so far, with this quarter easily surpassing our previous three-month record which was set in Q3 2020,” said Jack Coombs, director at Aspen (pictured above).

“This was achieved by our great team working hand-in-hand with our introducers and partners at Fieldfisher LLP, VAS Group & CVS.

“The range of cases shows we have become a trusted lender across a variety of requirements, although development exit, foreign purchase and light development are very much a focus.”

In February, the finance provider revamped its 2021 offering by reducing its stepped and flat rates to 0.44% and 0.74% respectively, as well as launching a new rapid desktop valuation bridging product.

Aspen confirmed it is set to announce some “exciting developments” in the near future.

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