Almost half of loans are completed within two weeks
Aspen Bridging has reported that it has completed over 40% of deals in under 14 days in the six weeks up to July 22, 2022.
During this period, in which more than £20 million was lent, over a third of applications were completed at 80% LTV across its bridge-to-let, residential and development exit, and refurbishment products.
The fastest completion was a £255,000 loan at 75% LTV on the no valuation product, written in just six days. Across the same timeframe, the rates completed on started at 0.39% stepped and 0.69% flat. During the same period last year, Aspen completed 21% of deals in under two weeks.
According to the latest Bridging Trends figures, in the first quarter of 2022, the market average completion time stood at 53 days.
“Our time-based service excellence proposition has been central to our introducer and borrower experience since the business was founded, and with new staff, integrated legals, and ever improving technology, we are taking applications to completion in ever quicker timescales,” Jack Coombs (pictured), director at Aspen Bridging, said.
“While achieving this, we remain true to our other core principles which set us apart from the competition, namely one-person-per-case application handling and visiting every property we lend on, as well as timely updates to borrower and introducer to enable cases to achieve a swift completion.
“As a lender, we are continually seeking to lead the way in service excellence.”
Aspen said its 2022 rates and product card is open to applications up to a maximum loan size of £10 million net, up to 80% LTV, and terms running from six to 24 months. Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.