Aspen Bridging lends £57.7m in record quarter
Aspen Bridging lent £57.7m from July to September 2023, making it the best quarterly performance in the lender’s history.
The lender finalised deals ranging from the largest at £7m, all the way through to its minimum of £200k, and the average facility size was in excess of £900k.
The fastest time-to-fund was just five days and over half of the deals completed within a month of initial submission.
The completions were submitted by 21 different broker firms on properties across 18 counties across England and Wales.
The deals were written on competitive terms with flat rates as low as 0.89%, stepped rates of 0.49% and bridge to let term rates of 6.99% p/a.
In terms of the deal types, 40% were heavy refurbishment cases, 27% were written on Aspen’s popular no valuation product, 15% were on the award-winning bridge to let product and the remaining 18% were development exits.
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.
Jack Coombs, Director at Aspen Bridging, said:
“So far 2023 has been excellent and has resulted in our best first calendar quarter performance since the company was incepted in 2017.
These numbers have been realised thanks to our hard-working team operating hand-in-hand with our great introducers and legal partners at Fieldfisher LLP.
It all points to our strong appetite to lend, and we intend to continue the rest of the year exactly as we have begun.”