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Aspen completes a record £40m in loan advances in Q1

  • 05/04/2022
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Aspen completes a record £40m in loan advances in Q1
Aspen Bridging has reported its strongest quarterly period for loan advances, with around £40m completed during the first three months of the year.

This covered 59 advances with the largest average loan size at £3m and the smallest at £200,000. The average facility size was just over £800,000.

The deals originated from 28 introducers, and 13 per cent were written at 80 per cent loan to value on the lender’s recently launched development exit refurbishment product. A further 38 per cent opted for either its new bridge to let deal, which includes refurbishment or light development.

Aspen’s development exit and refurbishment product is available up to 80 per cent LTV for experienced developers with clean credit. Across its range, flat rate products start from 0.64 per cent per month and stepped rates from 0.39 per cent per month.

The lender also entered the bridge-to-let market with a product designed to offer more flexibility and lower early repayment charges than its existing bridge-to-let or hybrid offerings. It is available up to 80 per cent LTV with bridge rates starting at 0.64 per cent per month and buy-to-let rates of 4.49 per cent per annum.

Jack Coombs, director at Aspen Bridging, (pictured) said: “So far 2022 has been excellent and has resulted in our best first calendar quarter performance since the company was incepted in 2017.

“These numbers have been realised thanks to our hard-working team operating hand-in-hand with our great introducers and partners at Fieldfisher LLP, VAS Group and CVS.

“It all points to our strong appetite to lend, and we intend to continue the rest of the year exactly as we have begun.”

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