Aspen Bridging has increased its maximum loan sizes up to £4m net for portfolios and £2m net on single properties with immediate effect.
The decision – which marks a major increase from the previous limits of £1.5m net for portfolios and £1m net per property – will help the firm expand its offering into larger scale capital raising on portfolios, auction purchases and conversion projects, areas where the business has already demonstrated its expertise.
In addition it will open Aspen up to a larger scale of developer exit loans for those seeking to get access to strong leverage with rapid and reliable finance provision from wind and water tight onwards.
The resolution to increase the maximum loan size was announced on the back of broker research into the firm’s customer service which praised its performance but ultimately questioned existing lending limits.
A total of 77 broker firms were asked, ‘what do you think of our max loan size of £1.5m?’ In response 48% said that the figure was too low to which Jack Coombs, pictured, Director at Aspen Bridging said the company would take “immediate action”.
“We promised a quick resolution, and having been made fully aware of the survey results it took us just four working days to call a meeting of the Executive Directors and agree to increase our maximum loan sizes substantially,” he said.
“The decision – which represents a 166% increase on portfolios and 100% on single properties – shows just how rapidly we can adapt to feedback and indicates our strong appetite to lend to both new and existing customers.”
Research comments from Chris Whitney and Callum Taylor at Enness stated ‘best service provided by any lender by a country mile, however loan sizes are too small’, while Alex Vickery at Y3S wrote ‘best bridging lender I have ever used’, but went on to say the firm ‘needs capacity to do bigger loan sizes’.
Other key results from the survey included the company’s service which was rated as excellent or good by 100% of respondents, with LTVs considered market leading or sufficient by 99%. Rates were considered competitive by 92% and procuration fees judged fair by 95%.
The company recently revealed its time-based service excellence targets, which shows that the company aims to take the majority of business from enquiry to completion in just 3 to 10 days.