Aspen reaches £500m milestone in total lending
Aspen Bridging has realised a landmark £500m in total lending from when the business was founded in 2017 by Ed Ahrens, CEO and Jack Coombs, managing director.
Broken down, the lender‘s Heavy Refurbishment product accounted for 36% of deals, representing £185m. All projects were overseen by Aspen’s in-house monitoring team who work closely with borrowers to see their plans through to completion.
Another 21% of deals, totalling £101m, has been written on the No Valuation product which was developed to complete cases in 10 days or under.
Development Exit bridges accounted for 17% of deals, coming in at £94m, with Aspen’s no minimum interest approach and low-stepped rate product proving the most popular.
The remaining 24%, accounting for £120m of lending, is spread across Commercial, Buy-To-Let purchases and refinances for capital raising. Just over £40m of this amount was written on the award-winning Bridge-To-Let product.
Over the last eight years the lender’s largest bridge was £8.2m, and the average facility size stands at £735k. The fastest time-to-fund was just two days and over half of the deals completed within a month of initial submission.
Completions were submitted by 193 different broker firms on properties across 45 counties across England and Wales.
Aspen currently has 25 full-time staff across the business, many of whom joined through the lender’s Graduate Recruitment Scheme. The business’s one-person-per-case philosophy, which has been operational since 2017, has continued to deliver exceptional service levels for brokers and their customers.
Ed said: “This is a remarkable achievement, and at the outset I want to thank all our introducers and our amazing staff who have been with us on this journey so far.”
“To go from a standing start to where we are today is a huge success story, we will continue to innovate and rest assured we will lend the next half-a-billion pounds a lot quicker,” added Jack.
Aspen Bridging’s current Rates & Product Card has Flat Rates, across all product types including heavy works, available up to 80% LTV as well as 0.89% at 75% LTV and 0.85% at 70% LTV.
Stepped Rates start from 0.55% per month for the first six months across all product types and go up to 80% LTV.
Bridging loan sizes are available up to £10m net for UK and overseas borrowers, both individuals and corporate businesses, for properties across England and Wales.