Aspen has passed £1 billion of total lending after completing more than 1,250 deals since launching in 2017.
The specialist lender said its average completed loan stands at £785,000, with an average LTV of 68%, as it marks a doubling of originations since reaching the £500 million point in February 2024.
Residential property, including HMOs, has accounted for 90% of completed lending to date, with commercial property representing the remaining 10%.
PRODUCT MIX
Refurbishment finance has been one of the main contributors to Aspen’s volumes, with £388 million advanced on cases involving works. The lender carries out its refurbishment monitoring in-house.
A further £239 million of lending has been completed through its no-valuation products, while longer-term facilities are taking a growing share of the business.
Aspen’s Bridge To Let product, launched in 2022, now represents just over half of its current loan book, indicating a shift towards facilities that combine short-term funding with a longer-term exit alongside the lender’s conventional bridging business.
The lender said a third of all cases have completed within one month and two-thirds within two months.
Business has been introduced by 334 broker firms across 46 counties in England and Wales.
Jack Coombs, chief operating officer at Aspen parent S&U PLC, says: “Surpassing £1 billion in total lending is a significant milestone for Aspen and reflects the strength of the proposition we have built for brokers and their clients.
“The breadth of our lending is particularly encouraging. We are supporting borrowers across a wide range of property types and locations while refurbishment finance, no-valuation products and Bridge To Let continue to play an important role in our growth.
“The business is committed to ambitious but sustainable growth targets, delivered through our top-class staff and systems, to reach the next £1 billion.
“We are extremely grateful to our broker partners for their continued support, and to whom we remain committed to delivering the market-leading service for which Aspen is renowned.”
