Aspen was established in 2017 and has completed more than 1,250 deals, with an average loan size of £785,000 and loan-to-value (LTV) banding of 68%.
Aspen said the speed of its operations backed this, as a third of all cases were completed within a month and two-thirds within two months.
Its growth has been supported by refurbishment finance, comprising £388m of loans including works. Aspen said this was driven by its approach to monitoring, which it does in-house.
A further £239m has been allocated to its no-valuation products, which the lender said reflected demand for streamlined funding that reduces the time to complete.
Aspen has also conducted more longer term and flexible lending, alongside its existing bridging and bridge to let proposition, which was launched in 2022 and now makes up more than half of its current loan book.
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Applications were completed from 334 broker firms across 46 counties in England and Wales.
Residential loans, including houses in multiple occupation (HMOs), make up the majority of its lending, accounting for 90% of completed loans, while commercial properties make up the remaining 10%.
This milestone comes after Aspen completed £500m in lending in February 2024, which the lender said reflected the pace of its growth.
Jack Coombs, chief operating officer at S&U PLC, parent company of Aspen, said: “Surpassing £1bn in total lending is a significant milestone for Aspen and reflects the strength of the proposition we have built for brokers and their clients.
“The breadth of our lending is particularly encouraging. We are supporting borrowers across a wide range of property types and locations, while refurbishment finance, no-valuation products and bridge to let continue to play an important role in our growth.
“The business is committed to ambitious but sustainable growth targets, delivered through our top-class staff and systems, to reach the next £1bn.
“We are extremely grateful to our broker partners for their continued support, and to whom we remain committed to delivering the market-leading service for which Aspen is renowned.”
