Aspen Bridging has announced it currently has zero defaulted loans on its books and said it is expecting to continue exceeding its lending targets to the end of 2020.
The firm revealed that it surpassed its lending targets by over 25% in August, September and October.
Several reasons for the improved lending performance, Aspen suggested, include its decision to increase its maximum LTV to 75% and maximum loan amount to £3m net, as well as the rapid introduction of desktop valuations, full remote capacity and same day pay-out facilities.
These implementations have seen Aspen’s average deal size increase to £770,000, up from £488,000 last year.
“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,” commented Aspen director, Jack Coombs.
“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.”
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