Bridging loan books hit another record high, reaching £8.1bn in Q1 2024.
This represented a year-on-year increase of 19.3% and a 6.8% quarter-on-quarter rise.
The average LTV for bridging lending stood at 60.5% in Q1 2024, an increase from 58.7% in Q4 2023, while loans in default reduced by 8.7%.
- The Finance Professional Show 2023: The Video
- ASTL joins industry opposition to FCA's 'name and shame' proposals
- Bridging loan completions hit £1.69bn in Q4 2023
Vic Jannels, CEO at the ASTL (pictured above), said: "The latest lending data from members of the ASTL shows that demand for bridging finance continues to be strong.
“Loan books reached £8.1bn in Q1 2024, representing the highest level on record, and this is without accounting for the lending of one of our members, which only reports its figures on an annual basis.
“Applications increased by 17.5% on the previous quarter and, while the value of loans written decreased by 10.5%, there was still £1.51bn of lending during the quarter, which is the second highest amount recorded in these surveys.”
Leave a comment