19 November 2018
S&U PLC increases investment in Aspen Bridging
("S&U" or "the Company")
S&U PLC, the specialist motor finance and bridging lender, has confirmed its expansion into property lending, by pledging its support for the development of its subsidiary, Aspen Bridging ("Aspen").
Aspen was launched as a pilot in early 2017 and has emerged as a significant force in the short term bridging field, building a loan book of c.£20m. The loan book is secured on property across England and Wales and Aspen has built a reputation for speedy transactions to niche borrowers underpinned by rigorous underwriting and personal visits and service. The average loan size is £380,000 over terms of up to 12 months for customers who are generally smaller refurbishers and developers.
S&U anticipates increasing its total investment in bridging to c. £30m in 2019, and further funds dependent on the requirements and performance of Aspen after that.
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. It's small but growing team have established an excellent reputation within this field; the systems and reputation it has built provide an excellent platform for future growth. Aspen is already in profit and we expect an increasing contribution to S&U PLC going forward."
Ed Ahrens, Aspen MD, and Jack Coombs, Director, commented:
"We are delighted that the hard work and ideas of the team at Aspen have been recognised by the S&U board in their decision to make further investment and move Aspen forward from the pilot phase. 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."
For further information, please contact:
S&U plc www.suplc.co.uk
Anthony Coombs, Chairman 0121 705 7777
Peel Hunt LLP
Adrian Trimmings / Rishi Shah 020 7418 8900
Newgate Communications
Bob Huxford 020 7653 9840
Imogen Humphreys
Tom Carnegie
