The specialist motor finance and bridging lender anticipates increasing its total investment in bridging during 2019, with further funds dependent on the requirements and performance of Aspen after that.
Aspen (office pictured above) was launched as a pilot in early 2017 and has built a loan book which is secured on property across England and Wales.
"After launching Aspen last year, we have been impressed with the progress the business has made in the growing property bridging market,” said Anthony Coombs, chairman at S&U.
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“Its small but growing team [has] established an excellent reputation within this field; the systems and reputation it has built provide an excellent platform for future growth.
“Aspen is already in profit and we expect an increasing contribution to S&U PLC going forward."
Ed Ahrens, managing director at Aspen, and Jack Coombs, director at Aspen, added in a joint statement: "We are delighted that the hard work and ideas of the team at Aspen have been recognised by the S&U board in their decision to make further investment and move Aspen forward from the pilot phase.
“We are now in a great position to build the business and to take advantage of the substantial opportunities we are seeing in the property bridging market."