Aspen Bridging lent £57.7m between July and September this year — its highest quarterly lending figures since the company started in 2017.
The size of these bridging loans ranged from £200,000 to £7m, with the average facility in excess of £900,000.
Aspen said that 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.
In terms of rate, these bridging loans started from 0.89% for flat rates, 0.49% for stepped rates and bridge-to-let term rates of 6.99% per annum.
Aspen says that 40% of the lending over this period was for heavy refurbishment cases, and almost a third (27%) was written on Aspen’s ‘no valuation’ product. A total of 15% of lending was through its bridge-to-let product with the remaining 18% being 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.
Aspen Bridging director Jack Coombs says these figures reflected the company’s strong appetite to lend. He says that 2023 has “so far been excellent” adding, “we intend to continue the rest of the year exactly as we have begun.”
