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Aspen average loan up by 58 per cent and defaults down

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  • 05/11/2020
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Aspen average loan up by 58 per cent and defaults down
Aspen Bridging has revealed that it has no defaulted loans currently on its books, as the lender expects to exceed targets until the end of the year.

 

The firm said it surpassed its lending targets by more than 25 per cent since August.

Aspen said its average deal size has also increased to £770,000 from £488,000 last year.

It comes after the lender raised its maximum loan to value (LTV) to 75 per cent and maximum loan amount to £3m earlier in the year.

Jack Coombs, director at Aspen Bridging (pictured), said: “No matter what happened in the market from March onwards we stayed open for business, and brokers have respected our continued willingness to adapt our offering to rapidly changing market conditions so their customers can continue to borrow.

“As we are about to enter a second national lockdown we see no reason to change our current rate card or lending criteria, they are highly competitive in the market and will stand us in great stead to see out 2020 on a positive.

“To reduce current defaults to zero during this difficult period has been an achievement, and while this element does not directly impact our liquidity as an equity funded lender it gives us a strong platform to say to our clients and partners that the money is there and ready to lend.”

 

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