Aspen Bridging has exceeded £750 million in total lending following a record month in July and is targeting £1 billion within the year.
The lender completed £30 million in new loans across 33 deals last month, covering 22 counties in England and Wales and submitted by 28 different broker firms. Loan sizes ranged from £175,000 to £4.6 million, with the lender’s No Valuation product being the most popular.
In mid-July, Aspen launched a new rate card featuring reduced rates and increased loan-to-values (LTVs) as part of its strategy to become a leading provider of refurbishment funding for UK developers. This adjustment has further strengthened its pipeline of applications.
The new rate card cuts the 80% Heavy Refurbishment product rate by 60 basis points to 0.78% per month and offers the enhanced No Valuation Refurbishment product at 80% LTV with a rate of 0.83% per month. Stepped rates for both products have also been reduced by 50 basis points, starting from 0.39% per month.
The lender has introduced a new, larger loan offering, with flat rates from 0.75% per month and stepped rates from 0.39% per month for loans above £2 million, up to £15 million net.
Jack Coombs, managing director of Aspen Bridging (pictured), said, “The business is developing at an exponential rate, growing at 25% year-on-year. We have a strategy in place to ensure we continue to beat this mark, which is why I can confidently state we will hit £1 billion in the next year.”
