Aspen Bridging ups maximum loan sizes

Aspen Bridging ups maximum loan sizes

Aspen Bridging has increased its maximum loan sizes up to £4m net for portfolios and £2m net on single properties, with immediate effect.

 

This decision marks a significant increase from the previous limits of £1.5m net for portfolios and £1m net per property.

The lender said the increases would allow it to expand its offering into larger scale capital raising on portfolios, auction purchases and conversion projects.

Additionally, it will open Aspen up to a larger scale of developer exit loans.

The said it’s decision was made as a result of broker research which called for higher lending limits.

A total of 77 broker firms were asked what they thought of the maximum loan size of £1.5m. In response 48 per cent said that the figure was too low to which Jack Coombs, director at Aspen Bridging (pictured), said the company would take “immediate action”.

He added: “We promised a quick resolution, and having been made fully aware of the survey results it took us just four working days to call a meeting of the executive directors and agree to increase our maximum loan sizes substantially.

“The decision – which represents a 166 per cent increase on portfolios and 100 per cent on single properties – shows just how rapidly we can adapt to feedback and indicates our strong appetite to lend to both new and existing customers.”

 

SOURCE: mortgagesolutions

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