Lender completes deals worth a total of £40 million
Aspen Bridging has recorded its strongest first quarter performance to date, completing a record 59 loan advances totalling around £40 million.
From January to March 2022, the lender finalised deals ranging from the five largest, which averaged £3 million each, all the way through to its £200,000 minimum. The average facility size was more than £800,000.
The fastest time-to-fund was just five days, and over half of the deals were completed within a month of initial submission.
The deals, which originated from 28 introducers, were written on competitive terms with flat rates as low as 0.6%, stepped rates of 0.39%, and bridge-to-let term rates of 4.49% pa.
In total, 13% of advances were written at 80% LTV on Aspen’s new development exit and refurbishment offering for experienced developers. A further 38% included either refurbishment or light development, many of which opted for the new bridge-to-let offering.
Loans were secured across a variety of properties from terraced, semi-detached, and detached houses through to flats, semi-commercial premises, office buildings and warehouses.
“So far, 2022 has been excellent and has resulted in our best first calendar quarter performance since the company was incepted in 2017,” Jack Coombs (pictured), director at Aspen Bridging, said.
“These numbers have been realised thanks to our hard-working team operating hand-in-hand with our great introducers and partners at Fieldfisher LLP, VAS Group, and CVS. It all points to our strong appetite to lend, and we intend to continue the rest of the year exactly as we have begun.”
Aspen recently launched its 2022 rates and product card with a new development exit and refurbishment product with up to 80% LTV for experienced developers with clean credit. Across its range, flat rate products start from 0.64% pm and stepped rates from 0.39% pm.
Read more: Aspen launches 80% LTV dev exit and refurb deal.
Aspen also entered the bridge-to-let market with a product designed to offer wider use flexibility and lower ERCs than existing bridge-to-let or hybrid offerings. It is available up to 80% LTV with bridge rates starting at 0.64% pm and BTL rates of 4.49% pa.
