Aspen reports zero defaults and predicts strong end to the year
Despite the challenges posed by 2020 so far, Aspen Bridging has reported that it currently has zero defaults on its books, and expects to continue exceeding lending targets into the end of 2020.
The company also surpassed its lending targets by over 25% consistently in August, September and October.
The lender stated that the foundation for its performance has been based on a number of key decisions made over the course of the year, including increasing its maximum loan-to-value (LTV) to 75% and maximum loan amount to £3m net, plus the introduction of desktop valuations, full remote capacity and same day pay-out facilities.
These developments have seen its average deal size increase to £770,000 from £488,000 last year.
Jack Coombs, Director at Aspen Bridging, said: “No matter what happened in the market from March onwards we stayed open for business, and brokers have respected our continued willingness to adapt our offering to rapidly changing market conditions so their customers can continue to borrow.
“As we are about to enter a second national lockdown we see no reason to change our current rate card or lending criteria, they are highly competitive in the market and will stand us in great stead to see out 2020 on a positive.
“To reduce current defaults to zero during this difficult period has been an achievement, and while this element does not directly impact our liquidity as an equity funded lender it gives us a strong platform to say to our clients and partners that the money is there and ready to lend.”