Aspen Bridging provides unregulated bridging finance for individuals and business owners. The lender is a wholly owned subsidiary of FTSE-listed finance firm S&U.
The lender takes a long-term approach to lending and offers bridges of up to 80% loan-to-value and up to 100% of the purchase price.
ASTL is a standard-setting body for bridging lenders. In February it teamed up with corporate recovery firm Begbies Traynor to provide fellow members with advice and assistance when a client suffers financial distress.
ASTL chief executive Benson Hersch (pictured) said: “The demand to become a member of the association is continuing to increase. Aspen Bridging is a reputable lender that aims to add real value to its clients through its supportive and relationship-centric approach to lending. The ASTL welcomes Aspen to the fold.”
Aspen managing director Ed Ahrens added: “We believe in building strong partnerships and want to contribute to the conversations and debates that are happening within the industry. We also want to be associated with well-respected and professional partners and associations, and the ASTL stood out for us.”
In late February ASTL figures showed demand for bridging finance had soared during the final quarter of 2016, reaching £2.83bn for the year – 9.4% higher than in 2015.
Hersch said at the time he was surprised by the come-back of the industry after a difficult summer. “After a dip in volumes almost across the board in Q3 last year following the referendum, the size of the increase both in the quarter and across the year has overshot even my most optimistic expectations,” he said.