Aspen reports approval increase as bridging values soar

The lender saw huge month-on-month growth, with £107m of loans across 219 deals in May.

Overall Aspen achieved a 301 per cent increase in new lending in the space of a month.

Average deal sizes increased from £488,000 to £770,000, coinciding with an increase in the maximum loan offered at the end of May.

Aspen said increasing its maximum loan to value to 75 per cent and reintroducing its medium refurbishment and commercial product ranges helped drive growth.

Lending and adapting during the Covid-19 crisis also helped create broker trust, the group added.

Jack Coombs, director at Aspen (pictured), said: “Clearly this is an excellent increase in approvals, enquiries and new lending, supported by the attractiveness of the new product range and by the increase in appetite from investors and property professionals to take on new projects as lockdown eases.

“Furthermore the major improvement in conversion and completion ratios shown in the much higher new lending figures, up 301 per cent, just demonstrates both the increased willingness of borrowers to really progress deals and the strong appetite Aspen has for new business.

“Lenders who are low geared or equity funded like us will continue to reliably operate and offer brokers and customers a credible lending service, and by continuing to lend when others vacated the market we have substantially strengthened our reputation and market share.”