Aspen surpasses £1bn in total lending
The lender recorded a mean loan size of £785,000 and an average loan-to-value (LTV) of 68%.
Aspen has surpassed £1bn in total lending after completing more than 1,250 deals since launching in 2017.
The lender recorded a mean loan size of £785,000 and an average loan-to-value (LTV) of 68%.
A third of all cases completed within one month, while two-thirds completed within two months.
Refurbishment finance accounted for £388m of lending involving works, with monitoring carried out in-house.
A further £239m of lending used Aspen’s no-valuation products.
The lender’s Bridge to Let product, launched in 2022, now accounts for just over half of its current loan book.
Aspen has completed applications from 334 broker firms across 46 counties in England and Wales.
Residential properties, including houses in multiple occupation (HMOs), accounted for 90% of completed loans, with commercial properties representing the remaining 10%.
The milestone comes after Aspen announced in February 2024 that it had originated £500m in lending.
Jack Coombs, chief operating officer at FTSE-listed S&U PLC, parent company of Aspen, said: “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.”
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