Specialist lender commits to expansion into property

Anthony Coombs

Specialist lender S&U is to fully commit to developing its property lending division, which it launched as a pilot scheme in early 2017.

Aspen Bridging was an additional service from Solihull-based S&U, which is a motor finance and bridging lender.

Aspen has built up a loan book of around £20m, with its average loans of £380,000 for up to 12 months suiting smaller refurbishers and developers.

Anthony Coombs, S&U chairman, said: “After launching Aspen last year, we have been impressed with the progress the business has made in the growing property bridging market.

“Aspen is already in profit and we expect an increasing contribution to S&U plc going forward.”

The group expects to increase its total investment in bridging to £30m next year.

Ed Ahrens, Aspen’s managing director, and director Jack Coombs, added: “We are now in a great position to build the business and to take advantage of the substantial opportunities we are seeing in the property bridging market.”

Click here to sign up to receive our new South West business news...
Close