Aspen Bridging has passed the £750m total lending milestone following a record-breaking July, with the specialist lender now targeting £1bn within the next 12 months.

The firm completed £30m of new lending last month across 33 separate deals, with cases ranging from £175,000 to £4.6m. The deals spanned 22 counties in England and Wales and were introduced by 28 broker firms.

Aspen’s No Valuation product accounted for a significant portion of the month’s activity.

The record month coincided with the launch of Aspen’s revised rate card, which reduced pricing and increased loan-to-values, particularly for refurbishment lending. The lender is positioning itself as a leading funder for UK developers undertaking heavy and light refurbishment projects.

Managing director Jack Coombs (pictured) 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 £1 billion in the next year.”

Aspen’s updated rate card includes a cut to its 80% LTV Heavy Refurbishment product, now priced at 0.78% per month — a reduction of 60 basis points. Its No Valuation Refurbishment product, also at 80% LTV, now starts at 0.83% per month. Stepped rates on both products were also reduced by 50 basis points and now start from 0.39% per month.

In addition, the lender introduced a new large loan offering with flat rates from 0.75% per month and stepped rates from 0.39% per month, available on loans between £2m and £15m net.