Aspen Bridging

Aspen celebrates record Q1 performance

Aspen Bridging has recorded its strongest quarter performance to date, having completed a record 59 loan advances totalling approximately £40m.

From January-March 2022, the lender finalised deals between £200,000-£3m, with the average facility size being in excess of £800,000.

The deals, which originated from 28 introducers, were written on competitive terms, with flat rates as low as 0.6%, stepped rates of 0.39% and bridge-to-let term rates of 4.49% per annum.

Of the total loan advances, 13% were written using Aspen’s new 80% development exit and refurbishment product, while 38% included either refurbishment or light development — many of which were arranged using the lender’s new bridge-to-let offering.

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

Over half of the deals were completed within a month of initial submission, with the fastest one being finalised in five days.

Jack Coombs, director at Aspen Bridging, said: “So far, 2022 has been excellent and has resulted in our best first calendar quarter performance since the company was launched in 2017.

“These numbers have been achieved thanks to our hard-working team operating hand-in-hand with our great introducers and partners at Fieldfisher LLP, VAS Group and CVS.

“It all points to our strong appetite to lend, and we intend to continue the rest of the year exactly as we have begun.”

In February, Aspen revised its existing bridging suite and introduced a new 80% LTV development exit and refurbishment product, created for experienced developers with clean credit.

It also launched its new bridge-to-let product, designed to offer wider-use flexibility and lower ERCs.

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