Aspen Bridging has increased its maximum loan sizes up to £4m net for portfolios and £2m net on single properties with immediate effect.
This is an increase from the previous limits of £1.5m net for portfolios and £1m net per property, following from broker research where firms questioned Aspen’s lending limits.
Aspen said this increase will help it expand its offering into larger scale capital raising on portfolios, auction purchases and conversion projects and it will open Aspen up to a larger scale of developer exit loans.
Jack Coombs, (pictured) director at Aspen Bridging, said. “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% increase on portfolios and 100% 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.”
A total of 77 broker firms were asked, ‘what do you think of our max loan size of £1.5m?’ In response 48% said that the figure was too low to which Coombs said the company would take “immediate action”.