The bridging finance market topped £1bn in the last three months of 2017 – the first time that particular barrier has been smashed in any three-month period, according to the Association of Short Term Lenders (ASTL).
The value of loans written was up 19.6% compared with the previous quarter, while annual completions were up by nearly a quarter (24.6%) to over £3.5bn.
The size of the association’s members’ loan books is also positive, with totals continuing to climb. There was a rise of 4.6% in the last three months of 2017 compared with the previous quarter, and a rise of 12.9% to £3.7bn compared with the end of 2016.
Bridging lenders in the UK also have a positive outlook, with the majority expecting growth in the sector, according to an ASTL sentiment survey. The survey revealed 93% of lenders surveyed believe SME housebuilders is a growth area for bridging, but that’s just one of the areas where bridging finance can help.
[Source: ASTL Ultimate, issue 59]
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