Aspen completes five bridging loans in one day totalling £3.4m

20 January 2022

Aspen Bridging has completed five drawdowns on five different products in just one day, all with a combined total value of £3.4m.

The feat, which was achieved on Friday 14th January, includes a £1.575m Marshall Island-based corporate newbuild apartment purchase, a £889k foreign national newbuild apartment purchase, £347k and £315k Light Development projects and a £315k No Valuation Auction Finance purchase.

The properties were based in London, Newport, Southend and Swindon and completed with the majority on our Stepped Rate at 0.49% per month and our Fixed Rate at 0.79% per month.

The average loan term is 11 months, with exit being realised through a mixture of sales and refinance.

Cases were introduced through five different brokers, and all delivered in-line with Aspen’s one-person-per-case service delivery commitment.

Ian Miller-Hawes, Head of Sales at Aspen Bridging, said: “We have set ambitious business growth targets for 2022 and we have started the year very much on the front foot with completions every single day in January, including the magnificent five on Friday 14th which were all on different products.

“The pipeline of new applications from both UK and overseas borrowers is already healthy and growing by the day, with a mixture of new and well known brokers introducing cases.

“At the start of February we will be launching a raft of new products which will make us even more competitive in the marketplace, all backed up by our service delivery commitment which is second-to-none in the bridging finance sector.”

Applications are open up to its £10m maximum loan size with terms running from 10-18 months for properties across England and Wales.