The latest ASTL figures have been released, revealing that in Q2, bridging lending figures are up 16.9 per cent, with members completing £281 million worth of deals for the quarter.
The figures are slightly down from Q1’s £283 million, but more importantly – they are representative of the market’s solid growth, despite economic prosperity reigniting confidence in the mainstream lenders.
The value of the applications rose even more considerably by 15 per cent quarter-on-quarter as ASTL members received applications totalling £1.280 billion, up from £1.113 billion in the previous quarter.
Speaking on the figures, Benson Hersch, Chief Executive of the ASTL says, “The figures reflect the continuing steady increase I expected revealing the ongoing need for bridging finance. This has not decreased, despite pressure by government and promises by mainstream banks to lend more, as a result, short term loans are filling the gap in many instances.
“As well as for traditional purposes of bridging the gap between when people sell one property and buy another, it is clear that bridging and other alternative funding methods are increasingly being used by SMEs to meet their funding requirements.
Members report steady demand in the current quarter and I expect the next quarter’s figures, to continue to show the same increase.”
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