Aspen Bridging has achieved £500m in total lending from when the business was founded in 2017 by Ed Ahrens, CEO and Jack Coombs, managing director.
The lender‘s Heavy Refurbishment product accounted for 36% of deals, representing £185m. All projects were overseen by Aspen’s in-house monitoring team who work closely with borrowers to see their plans through to completion.
Another 21% of deals, totalling £101m, has been written on the No Valuation product which was developed to complete cases in 10 days or under.
Development Exit bridges accounted for 17% of deals, coming in at £94m, with Aspen’s no minimum interest approach and low-stepped rate product proving the most popular.
The remaining 24%, accounting for £120m of lending, is spread across Commercial, Buy-To-Let purchases and refinances for capital raising. Just over £40m of this amount was written on the Bridge-To-Let product.
Over the last eight years the lender’s largest bridge was £8.2m, and the average facility size stands at £735k. The fastest time-to-fund was just two days and over half of the deals completed within a month of initial submission.
Completions were submitted by 193 different broker firms on properties across 45 counties across England and Wales.
Aspen currently has 25 full-time staff across the business, many of whom joined through the lender’s Graduate Recruitment Scheme.
Ahrens said: “This is a remarkable achievement, and at the outset I want to thank all our introducers and our amazing staff who have been with us on this journey so far.”
Coombs added: “To go from a standing start to where we are today is a huge success story, we will continue to innovate and rest assured we will lend the next half-a-billion pounds a lot quicker.”