Aspen Bridging, the bridging loan subsidiary set up by S & U PLC (LON:SUS) in 2017, is set for expansion in 2019.
S & U, best known as a motor finance provider, anticipates increasing its total investment in bridging loans to around £30mln in 2019; at present, the Aspen has around £20mln of loans on its book.
READ: S & U says bridging finance arm is now profitable
Further funds will be made available to Aspen dependent on the requirements and performance of the subsidiary.
"After launching Aspen last year, we have been impressed with the progress the business has made in the growing property bridging market. It's a 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,” said Anthony Coombs, the chairman of S & U.