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ASFL sees record £108m enquiries during October

Arbuthnot Specialist Finance Limited (ASFL) has reported its best month to-date in October, with loan enquiries totalling £108m, from just 64 credit applications.

 

The team has £28m of loans in various stages of progression, with the rest of the credit applications in the early stage of processing.

ASFL’s most popular products during October were commercial and residential investment products, which made up £70m of the applications, with the development offering totalling £20m; these products cover residential and commercial property acquisitions, auction purchases, conversions and ground up development.

The bulk of the credit applications in terms of loan value came at the end of October, following the relaxation of ASFL’s credit appetite.

ASFL’s residential investment product has a loan-to-value (LTV) of 75%, with a pcm rate from 0.60% for a term time of 12 to 24 months.

The heavy and light refurbishment products are from 0.65% pcm and 0.75% pcm respectively for a term time of 12 to 24 months, both at 70% LTV, while the development product has an LTV of 65% with pcm rate from 0.85% for a term time of 12 to 24 months.

Since launching last year, ASFL only charges interest on the amount of debt drawn at any time. There are no extra fees that borrowers are typically subject to such as exit fees, default fees, extension fees, early repayment charges, minimum interest period fees and non-utilisation fees.

Shoaib Bux, joint managing director at ASFL, said: “It’s fantastic to see the hard work of our team and their dedication to high quality service reflected in our October performance.

“During the first government lockdown we continued to service existing clients and complete pipeline business, so naturally as we moved away from lockdown and restrictions eased, we relaxed our credit appetite to reflect the market which led to the uptick in credit applications.

“As the short-term property arm of Arbuthnot Latham, we look to fully service the market in the next quarter and into 2021 backed by the bank’s strong capital and our entrepreneurial spirit.”

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