Aspen Bridging increases max loan sizes

The bridging lender has increased its maximum loan to £4m net for portfolios and £2m net on single properties with immediate effect.

The increase will help Aspen expand its offering into larger-scale capital raising on portfolios, auction purchases and conversion projects.

It will also help it to provide a larger scale of developer exit loans.

This decision followed research by Aspen which revealed that 48% of brokers thought the bridging lender’s maximum loan size was too low.

As a result, Jack Coombs, director at Aspen Bridging (pictured above), said the company would take “immediate action”.

“We promised a quick resolution and having been made fully aware of the survey results, it took us just four working days to call a meeting of the executive directors and agree to increase our maximum loan sizes substantially,” he explained.

“The decision — which represents a 166% increase on portfolios and 100% on single properties — shows just how rapidly we can adapt to feedback and indicates our strong appetite to lend to both new and existing customers.”