Aspen Bridging has increased its maximum loan sizes up to £4m net for portfolios and £2m net on single properties with immediate effect.
The previous limits were £1.5m net for portfolios and £1m net per property.
The bridging lender believes its decision will help it expand its offering into larger scale capital raising on portfolios, auction purchases and conversion projects.
The resolution to increase the maximum loan size was announced on the back of broker research into the firm’s customer service which praised its performance but ultimately questioned existing lending limits.
A total of 77 broker firms were asked: “what do you think of our max loan size of £1.5m?” In response 48% said that the figure was too low.
Jack Coombs, director at Aspen Bridging said: “We promised a quick resolution, and having been made fully aware of the survey results it took us just four working days to call a meeting of the executive directors and agree to increase our maximum loan sizes substantially.
“The decision – which represents a 166% increase on portfolios and 100% on single properties – shows just how rapidly we can adapt to feedback and indicates our strong appetite to lend to both new and existing customers.”
