Aspen lends £23m in April to set monthly completions record

14 May 2021

Aspen Bridging has set a new monthly completions record having lent £23m in April 2021, and it plans to immediately exceed the figure in May.

Comprising cases across 11 counties, submitted by 13 broker firms, deals ranged from a £4.5m development exit loan secured against a detached development in Kent to a £219k commercial purchase bridge on an office building in Derbyshire.

Products utilised included Rapid Desktop, Light Development, Medium Refurbishment and Commercial to complete finish and exit, development exit, purchase and refinance loans secured across a variety of properties from MUFB’s to terraced houses, flats, semi-commercial premises and warehouses.

The maximum LTVs came in at 75% with terms across the deals running from 10 to 18 months

Aspen’s record April was based upon the generation of £150m in Formal DIPs from January to April 2021, with the strong pipeline continuing throughout April and into May.

Jack Coombs, Director at Aspen said: “Our record performance in April isn’t just the result of our progressive work this year, it’s been our open and innovative approach to lending since the start of 2020 and our willingness to overcome complexity to keep completing the right deals.

“We have built a reputation with brokers whereby they know that coming to Aspen they will get informed answers on whether a deal meets criteria early on which benefits everyone, most notably the client.

“We are now aiming for a further record-breaking May and with the amazing, dedicated team we have in place, and the new recruits we have taken on, we will continue to grow through 2021.”

Aspen’s ratecard offers a Stepped Rate from 0.44% and a Flat Rate from 0.74%. They are available across all products up to a maximum loan size of £5m net and 75% LTV across 6-18 months.

The Rapid Desktop Valuation bridging product was introduced so cases can be completed in as little as two working days, and its Light Development product is available up to 75% LTV with 100% cost of works in arrears.

Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.