Aspen Bridging has surpassed £750m in total lending in July, as the firm targets £1bn in lending this year.

The lender hit the milestone after completing £30m of new loans last month across 33 deals.

The deals, which were submitted by 28 brokers firms, ranged from £175,000 to £4.6m, with Aspen’s no valuation product proving to be the most popular choice.

The latest lending update comes after Aspen launched its new rate card, which featured reduced rates and increased LTVs.

In its new rate card, the lender cut its 80% Heavy Refurbishment product to 0.78% per month, a fall of 60 bps. It also its enhanced no valuation refurbishment product to offer 80% LTV at 0.83% per month.

The firm said that this move has already boosted its pipeline of applications.

Managing director at Aspen Bridging, Jack Coombs, said: "The business is developing at an exponential rate, we are growing by at 25% year-on-year and have a strategy in place to ensure we continue to beat this mark, this is why I can confidently state we will hit £1bn in the next year."

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