Bridging
Aspen targets doubling of loan book following rate cut
Aspen Bridging has said it is on track to double its loan book this year compared against the previous 12 months.
The lender put the growth witnessed in its “record summer and autumn periods” down to its cut in interest rate introduced in July.
As a result it will continue to offer a starting interest rate of 0.45 per cent on products of up to 80 per cent loan to value.
Aspen said the 0.45 per cent rate will remain available across all its first and second charge unregulated residential and commercial products regardless of loan to value (LTV), loan term, property type and loan purpose.
Jack Coombs (pictured), director at Aspen Bridging, said: “Since the summer the market has remained very aggressive, and to maintain our pipeline of business we need to continue to lead from the front.”
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He also criticised other lenders for “using a low interest rate to ‘open the door’ to an applicant before increasing the figure during the process.”