Aspen concludes record 2022 with £2.5m 10-day bridge

09 January 2023

Aspen Bridging concluded its busiest calendar year-to-date with a £2,572,500 gross Residential Refinance loan which it completed in 10 working days.

Completed at 74% LTV, the experienced developer had recently completed a Balham, South London-based mixed-use property consisting of one shop on the ground floor and five apartments of one-and-two bedrooms, and wished to repay his existing lender to have additional time to sell the units.

With a hard deadline in place due to sales in progress, the lender used its remote signing procedures and obtained a retype of the client’s previous valuation to save time and money.

The case, which was taken from start-to-finish by Laura Randall, Underwriter, was completed on a 10-month Flat Rate at 0.81% per month.

Jack Coombs, Director at Aspen Bridging, said: “This case exemplifies everything that makes us such a successful lender, with speed, technology and problem solving all ensuring a successful outcome for the client.

“At the start of the year our target was to increase our bridging loan book by 50% and this has been achieved, in 2023 the plans and pipeline are already in place to ensure we continue to grow exponentially.”

Aspen’s rates and product card sees Stepped Rates from 0.49% and Flat Rates from 0.79%. The lender operates a maximum loan size of £10m net, up to 75% LTV and with terms running from six to 24 months.

In 2022 the company launched two innovative products, Development Exit & Refurbishment and its award-winning Bridge-To-Let.

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