Jack Coombs

Aspen celebrates record completions in April

Aspen Bridging lent £23m in April, a new monthly record for completions.

The achievement was attributed to £150m of formal DIPs between January and April 2021, with a strong pipeline continuing throughout April and into May.

In April, the bridging lender completed cases across 11 counties, with terms running from 10-18 months and maximum LTVs at 75%.

Deals were introduced by 13 broker firms and ranged from a £4.5m development exit loan secured against a detached development in Kent to a £219,000 commercial purchase bridging facility on an office building in Derbyshire.

Loans were secured on a variety of properties, from MUFBs to terraced houses, flats, semi-commercial premises and warehouses.

“Our record performance in April isn’t just the result of our progressive work this year, it’s been our open and innovative approach to lending since the start of 2020 and our willingness to overcome complexity to keep completing the right deals,” said Jack Coombs, director at Aspen (pictured above).

“We have built a reputation with brokers whereby they know that coming to Aspen they will get informed answers on whether a deal meets criteria early on which benefits everyone, most notably the client.”

Aspen expects to exceed the £23m record in May.

In February, the finance provider revamped its 2021 offering by reducing its stepped and flat rates to 0.44% and 0.74% respectively, as well as launching a new rapid desktop valuation bridging product.

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