Aspen lending hits £1bn

Aspen has surpassed £1bn in total lending, less than a decade since launching.

Founded in 2017, the lender has completed over 1,250 deals so far, with a mean loan size of £785,000 and an average LTV of 68%.

Speed of execution has been highlighted as one of the firm’s achievements, with a third of all cases completed within one month and two-thirds completed within two months.

Refurbishment finance has been a significant component of the lender's growth, with such projects accounting for £388m of lending.

A further £239m has been lent via no-valuation products, highlighting continued demand for streamlined funding solutions.

Longer-term and more flexible products have also started to become a larger proportion alongside traditional bridging, with bridge-to-let now making up just over 50% of the current loan book.

Residential, including HMOs, accounts for the majority of Aspen's lending, representing 90% of completed loans, with commercial properties accounting for the remaining 10%.

The £1bn milestone follows Aspen's announcement in February 2024 that it had originated £500m of lending.

“Surpassing £1bn in total lending is a significant milestone for Aspen and reflects the strength of the proposition we have built for brokers and their clients,” said Jack Coombs, COO at S&U, parent company of Aspen.

“The breadth of our lending is particularly encouraging.

“The business is committed to ambitious but sustainable growth targets, delivered through our top-class staff and systems, to reach the next £1bn.”